Titan Company rose 0.26% to Rs 1190.70 after credit ratings agency, CRISIL, upgraded the long-term rating on the bank facilities of the company to 'CRISIL AAA/Stable' while reaffirming the short-term rating.
Titan Company had total bank loan facilities of Rs 2,850 crore and commercial paper of Rs 500 crore.
CRISIL on 31 December 2019 upgraded its rating on the long-term bank facility of the company to 'CRISIL AAA/ Stable' from 'CRISIL AA+/Positive'. It reaffirmed the rating on the short-term bank facility and commercial paper programme at 'CRISIL A1+'.
CRISIL believes that Titan will continue to improve its strong market position in the jewellery and wrist watches segments, driven by strong revenue growth and healthy operating margins, and will sustain its strong financial risk profile with low gearing and strong debt protection metrics, over the medium term.
Titan Company's consolidated net profit fell 1% to Rs 302.79 crore on a 1.7% rise in net sales to Rs 4600.71 crore in Q2 September 2019 over Q2 September 2018.
Titan Company is engaged in offering watches, jewelry and others. The company's segments include watches, jewellery, eyewear and others.
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