Bodal Chemicals rose 0.75% to Rs 134.65 at 12:34 IST on BSE after rating agency Credit Analysis & Research upgraded the ratings of the company's bank facilities.
The announcement was made after market hours yesterday, 18 January 2017.Meanwhile, the S&P BSE Sensex was up 73.34 points or 0.27% at 27,330.98.
On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 1.57 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 1.76% at the day's high of Rs 136 so far during the day. The stock rose 0.56% at the day's low of Rs 134.40 so far during the day.
The stock had hit a record high of Rs 155 on 6 October 2016 and a 52-week low of Rs 44.65 on 20 January 2016. The stock had underperformed the market over the past one month till 18 January 2017, advancing 2.89% compared with the Sensex's 2.9% rise. The scrip had also underperformed the market over the past one quarter declining 4.47% as against the Sensex's 2.83% fall.
The small-cap company has equity capital of Rs 21.82 crore. Face value per share is Rs 2.
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Bodal Chemicals announced that rating agency Credit Analysis & Research (CARE) has upgraded the credit rating for the long term bank facilities of the company to CARE A from CARE A-. The outlook is stable. Also, CARE upgraded the ratings for the short term bank facilities of the company to CARE A1 from CARE A2+.
The rating upgrade from CARE is on the basis of recent developments including operational and financial performance of the company for FY 2016 and also provisional performance for the first half of current financial year (FY 2017).
Bodal Chemicals' net profit rose 45.6% to Rs 34.05 crore on 30.7% rise in net sales to Rs 327.70 crore in Q2 September 2016 over Q2 September 2015.
Bodal Chemicals is engaged in manufacturing of acid, direct and reactive dyestuffs and dye intermediates for textile, leather, plastics and papermaking applications.
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