CRISIL upgrades Goodluck India's long and short-term rating

Goodluck India Ltd. (BSE: 530655, NSE: GOODLUCK), amongst India's leading manufacturers of wide range of Engineering Structure, Precision/Auto Tubes, Forging for Defence & Aerospace, CR Products and GI Pipes, has received upgraded credit rating from CRISIL on its bank loan facilities.

CRISIL upgraded the Company's long-term rating from BBB/Positive to A-/Stable, and the shortterm rating from A3+ to A2+.

The change in rating reflects substantial improvement in the business and financial profile of Goodluck. The improvement is supported by significant increase in scale of operations, healthy order book and sustained operating margin.

Commenting on this development, Mr. M C Garg, Chairman, Goodluck India Ltd. said: "I am glad to share that CRISIL has upgraded its credit rating for our bank loan facilities.

Our long-term rating was upgraded from BBB/Positive to A-/Stable, and the short-term rating from A3+ to A2+. This reflects the company's strong business fundamentals, robust performance and order book.

This improvement in our credit rating is based on our scaling up of operations and should also be helpful for our future growth and expansion plans. We are proud to have received a good rating from CRISIL, which is a benchmark among rating agencies and is revered across markets.

I take this opportunity to thank the entire team of Goodluck for their hard work, and all the stakeholders for their help and support, which helps our Company scale new heights."

Shares of Goodluck India Limited was last trading in BSE at Rs. 276.10 as compared to the previous close of Rs. 285.75. The total number of shares traded during the day was 11223 in over 127 trades.

The stock hit an intraday high of Rs. 286.00 and intraday low of 271.50. The net turnover during the day was Rs. 3102497.00.

Source : Equity Bulls

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