Laurus Labs rallies 5% on credit rating upgrade; stock hits record high

The company is looking to build new capacities/facilities that would propel its growth in the coming years

Shares of Laurus Labs (Laurus) surged 5 per cent and hit a record high of Rs 656.95 on the BSE in intra-day trade on Friday after the credit rating agency CARE Ratings upgraded the company’s long-term banking facilities to CARE AA from CARE AA- with a stable outlook. The stock of the pharmaceutical company surpassed its previous high of Rs 641.95, touched on June 8, 2021.

“The revision in the ratings assigned to the bank facilities of Laurus  is on account of significant improvement in the total operating income and profitability margins during FY21 (refers to the period April