Ashiana Housing gains on credit rating upgrade

CARE has upgraded the credit rating to CARE A- from CARE BBB+ earlier

Shares of Ashiana Housing were up over 8% at Rs 228 after the company said that credit rating agency CARE has upgraded its credit rating.

Credit Analysis and Research Ltd. (CARE) has revised its credit rating given to Ashiana Housing Ltd. from "CARE BBB+ (Is) i.e. Triple B Plus (Issuer Rating)" to "CARE A- (Is) i.e. A Minus (Issuer Rating)", the company said in release.

This revision is given considering the recent developments including the operational and financial performance of the company, the release said.

The stock opened at Rs 212 and touched a high of Rs 229. At 11:10AM over 370,000 shares were traded on both the stock exchanges.