India Ratings assigns Shri Bajrang Alliance's Bank Facilities 'IND BBB-', Outlook Stable

India Ratings and Research (Ind-Ra) has assigned Shri Bajrang Alliance Limited (SBAL) a Long-Term Issuer Rating of 'IND BBB-'. The Outlook is Stable.

Ind-Ra has factored in moderate operational and strategic linkages between SBAL and Shri Bajrang Power and Ispat Ltd (SBPIL), the flagship company of the Goel Group, to arrive at the ratings. The agency has adopted a bottom-up approach to arrive at SBAL's ratings factoring in operational, technical and financial support, and expected liquidity support from SBPIL at all times. Furthermore, both companies have common promoters.

The ratings reflect SBAL's moderate linkages with SBPIL, along with a strong group profile, experienced promoters, modest EBITDA and a confirmation from the group that SBPIL would provide liquidity support to SBAL, if required. However, the ratings are constrained by the small scale of operations of the agro division and the inherent cyclicality of the steel industry.

Shares of Shri Bajrang Alliance Ltd was last trading in BSE at Rs. 245.10 as compared to the previous close of Rs. 248.10. The total number of shares traded during the day was 6670 in over 163 trades.

The stock hit an intraday high of Rs. 254.00 and intraday low of 238.30. The net turnover during the day was Rs. 1616521.00.

Source : Equity Bulls

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ShriBajrangAllianceLtd INE402H01015 RatingUpdate