The stock hit a record high today and has surged a whopping 64 per cent in past one month, as compared to 7.7 per cent gain in the S&P BSE Sensex. In past three months, the stock has zoomed 131 per cent against 11 per cent rise in the benchmark index.
At 10:45 am; 503,114 shares changed hands at price of Rs 209 per share, while at 10:47 am; 550,001 shares changed hands at price of Rs 207.70 per share, the BSE data shows. The name of the buyers and sellers are not ascertained immediately.
As of 12:26 pm; total 1.21 million shares or 5 per cent total equity were traded at the counter on the BSE, with pending buy orders for 36,099 shares. Currently, the stock is classified in X category on the BSE. X group consists of all those stocks which are only listed on BSE and are settled on a trade-to-trade basis.
On August 18, 2021, Faze Three informed the stock exchange that CARE Ratings has upgraded the credit rating of the company on the long term bank facilities to ‘CARE A-’ (single A minus) with stable outlook for the facilities of Rs 87 crore. The short term rating has also been upgraded to ‘CARE A2+’ (A Two Plus), the company said.
The revision in the rating assigned to Faze Three factors in improvement in scale of operations despite weak April-June quarter (Q1FY21) (growth in revenue of 6.50 per cent over FY20), PBILDT margins of 15.27 per cent in FY21 (PY: 12.68 per cent) resulting into better profit after tax for the company.
CARE believes that the company will continue to benefit from the demand shifting from China to India for textile products from American and European markets, which have resulted into improved visibility of sales in the coming years.
The ratings continue to derive strength from the company’s experience in manufacturing home furnishing products, integrated nature of operations, diversified product mix/customer base, growth in operations, improvement in PBILDT margins in over the years, comfortable capital structure and debt protection metrics, the rating agency said in rationale and key rating drivers.
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