CARE upgrades rating of Pioneer Embroideries Limited

The rating agency CARE Ratings Ltd has upgraded Pioneer Embroideries Limited's credit rating pertaining to Long Term Bank facilities from 'CARE BB; Stable' to 'CARE BB+; Positive' and for Short Term Bank facilities from 'CARE A4' to 'CARE A4 +; Positive'.

The revision in the rating is on account of an improvement in the operational performance of Pioneer Embroideries Limited (PEL) for FY21 and resilient in Q1FY22. The rating derives strength from the company's experience in the textile segment, improvement in capital structure and debt coverage metrics with a satisfactory debt servicing track record since April 2019. PEL's rating is however constrained by exposure to volatility in raw material price, foreign exchange risk, concentration in customer and supplier base and debt-funded capex in Specialty Polyester Filament Yarn (SPFY) segment.

Shares of Pioneer Embroideries Limited was last trading in BSE at Rs. 62.00 as compared to the previous close of Rs. 61.75. The total number of shares traded during the day was 24473 in over 442 trades.

The stock hit an intraday high of Rs. 63.35 and intraday low of 61.30. The net turnover during the day was Rs. 1529716.00.

Shares of Pioneer Embroideries Limited was last trading in NSE at Rs. 61.95 as compared to the previous close of Rs. 61.75. The total number of shares traded during the day was 99696 in over 1449 trades.

The stock hit an intraday high of Rs. 63.30 and intraday low of 61.80. The total traded value during the day was Rs. 6220337.05.

Source : Equity Bulls

Keywords

PioneerEmbroideries RatingUpdate