Astral Ltd long-term bank facilities receives upgraded ratings from CRISIL

Astral Limited (Astral; erstwhile Astral Poly Technik Ltd, Astral; part of the Astral group) long-term bank facilities has been upgraded to 'CRISIL AA/Stable' from 'CRISIL AA-/Positive' while reaffirmed its short term rating and commercial paper at 'CRISIL A1+' by country's leading rating agency, CRISIL.

The rating upgrade replicates CRISIL expectations of sustenance of Astral's improved business profile supported by improved capacity utilization levels, wider geographic presence and product portfolio.

The ratings reflect group's leadership position in the CPVC pipes and fittings segment, supported by established brands and an entrenched market presence and the experience of the promoter.

Commenting on this development, Kairav Engineer, Vice President - Business Development, Astral Limited, said, "We are happy to be upgraded to AA/Stable as this reaffirms the faith and confidence in Astral Ltd. as an organization. This credit rating upgrade has taken into consideration the positive implications of our innovative product portfolio, pan-India reach and leadership position in the market. We aim to sustain our performance and keep our positioning intact."

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Astral and its subsidiaries.

Shares of Astral Poly Technik Limited was last trading in BSE at Rs. 2276.20 as compared to the previous close of Rs. 2271.75. The total number of shares traded during the day was 19596 in over 2925 trades.

The stock hit an intraday high of Rs. 2294.00 and intraday low of 2244.30. The net turnover during the day was Rs. 44564119.00.

Source : Equity Bulls

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