Fine Organic Industries surged 5.04% to Rs 2224.75 after ICRA upgraded credit rating of the company.
In an exchange filing made after market hours on Friday, Fine Organic said that the credit ratings agency ICRA had upgraded its long term rating to [ICRA] AA- (Stable) from [ICRA] A+ (positive) while reaffirming the company's short term rating at [ICRA] A1+.
The upgrade in long-term rating of Fine Organic Industries favourably factors in the healthy improvement in scale of operations and cash accruals in FY2019 and H1 FY2020 which are expected to increase further driven by the ramp up in the capacity utilisation of the newly commissioned capacity at Ambernath (Mumbai) and the positive demand outlook for the company's products in the domestic as well as export markets.
The company's financial profile remains strong characterized by healthy profitability, cash accruals and return indicators, comfortable capital structure and strong liquidity position.
Fine Organic Industries is engaged in the manufacturing of oleochemical additives for various end-user industries such as foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes etc.
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