Ind-Ra upgrades Omax Autos to 'IND B', Outlook Stable

India Ratings and Research (Ind-Ra) has upgraded Omax Autos Limited's (Omax) Long-Term Issuer Rating to 'IND B' from 'IND D(ISSUER NOT COOPERATINGY'. The Outlook is Stable.

The upgrade reflects Omax's regularisation of payments on its interest-free loans from Pradeshiya Industrial & Investment Corporation of U.P. Ltd. (PICUP) on 28 January 2022 from asset sale proceeds. The upgrade also factors in Ind-Ra's expectation of the company's revenue and profitability to increase in FY23, as well as the planned asset sale and available working capital bank limits to be sufficient to meet its cash flow requirements, including debt repayments.

Shares of Omax Autos Limited was last trading in BSE at Rs. 52.50 as compared to the previous close of Rs. 50.80. The total number of shares traded during the day was 2862 in over 72 trades.

The stock hit an intraday high of Rs. 52.50 and intraday low of 50.00. The net turnover during the day was Rs. 146595.00.

Source : Equity Bulls

Keywords

OmaxAutos INE090B01011 RatingUpdate