ICRA Upgrades 'Ramkrishna Forgings' Bank Facilities to [ICRA]A / (Stable) / A1

Credit ratings firm ICRA Limited has upgraded the Company's Bank facilities.

The term loan rating has been upgraded from [ICRA] A- (Positive) to [ICRA] A (Stable).

The short term loan rating has been upgraded from [ICRA] A2+ to [ICRA] A1.

Commenting on the ratings upgrade Mr. Lalit Khetan, Executive Director & CFO, Ramkrishna Forgings Limited said: "Upgrade to [ICRA]A/Stable/A1 ratings of our bank facilities by ICRA Limited comes on backdrop of improved financial and operational management. Recent order wins have improved the revenue visibility with sustained profitability and focus on debt reduction would further strengthen our financial matrix. The improved ratings will enable us to secure better rate of interest leading to lowering of borrowing cost going forward and strengthening company's financial position."

Shares of Ramkrishna forgings Ltd. was last trading in BSE at Rs. 991 as compared to the previous close of Rs. 1022.75. The total number of shares traded during the day was 21137 in over 1228 trades.

The stock hit an intraday high of Rs. 1039.5 and intraday low of 978. The net turnover during the day was Rs. 21171975.

Source : Equity Bulls

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