 "Ramkrishna Forgings rallies over 30% in seven days on credit upgrade by ICRA")
Shares of Ramkrishna Forgings were trading higher by 5% at Rs 668, extending their 26% rally in the past six trading sessions on the BSE, after the company said that the rating agency ICRA has revised upwards the long-term and short-term credit ratings of the company.
The stock opened at Rs 645 and touched a high of Rs 671 on the BSE. Till 1038 hours, a combined around 200,000 shares changed hands on the counter on the BSE and NSE.
“The rating committee of ICRA after due consideration has revised upwards the long term rating from [ICRA]BBB+ (pronounced ICRA triple B plus) to [ICRA]A- (pronounced ICRA A minus) and the short term rating from [ICRA]A2 (pronounced ICRA A two) to [ICRA]A2+ (pronounced ICRA A two plus),” Ramkrishna Forgings said in a BSE filing on June 17.
The outlook for the long term rating is stable, the company added.
Meanwhile, Ramkrishna Forgings had reported a robust standalone net profit of Rs 34.60 crore for the quarter ended March 2015 against Rs 4.69 crore in the corresponding quarter of the previous year.
Thus far in 2015, the stock has been more than doubled from Rs 333 compared to a 1% rise in the S&P BSE Sensex.
The stock opened at Rs 645 and touched a high of Rs 671 on the BSE. Till 1038 hours, a combined around 200,000 shares changed hands on the counter on the BSE and NSE.
“The rating committee of ICRA after due consideration has revised upwards the long term rating from [ICRA]BBB+ (pronounced ICRA triple B plus) to [ICRA]A- (pronounced ICRA A minus) and the short term rating from [ICRA]A2 (pronounced ICRA A two) to [ICRA]A2+ (pronounced ICRA A two plus),” Ramkrishna Forgings said in a BSE filing on June 17.
The outlook for the long term rating is stable, the company added.
Meanwhile, Ramkrishna Forgings had reported a robust standalone net profit of Rs 34.60 crore for the quarter ended March 2015 against Rs 4.69 crore in the corresponding quarter of the previous year.
Thus far in 2015, the stock has been more than doubled from Rs 333 compared to a 1% rise in the S&P BSE Sensex.