Indo Count rises on CARE revising rating for its banking facilities

19 Aug 2014

Indo Count Industries is currently trading at Rs. 155.20, up by 4.05 points or 2.68 % from its previous closing of Rs. 151.15 on the BSE.

The scrip opened at Rs. 156.00 and has touched a high and low of Rs. 162.00 and Rs. 152.00 respectively. So far 46457 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 154.75 on 12-Aug-2014 and a 52 week low of Rs. 23.10 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs. 154.75 and Rs. 126.05 respectively. The current market cap of the company is Rs. 569.21 crore.

The promoters holding in the company stood at 55.49 % while Institutions and Non-Institutions held 8.90 % and 35.60 % respectively.

Credit rating agency, CARE has revised rating of Indo Count Industries’ long term bank facilities worth Rs 111.23 crore to ‘BBB-’ from ‘B’. The rating agency has also revised rating of the company’s short term bank facilities worth Rs 374.00 crore to ‘A3’ from ‘A4’. Further, CARE has revised rating off the company’s Non-Convertible Debentures (NCDs) worth Rs 14.77 crore to ‘BBB-’ from ‘B’.

The revision in the ratings assigned to the bank facilities and non convertible debentures of the company takes into consideration improvement in the operational and financial performance in FY14 i.e. total operating income, profitability margins along with a moderate capital structure and debt coverage matrices. The ratings continue to be strengthened by experience of the promoters in home textiles and integrated business operations. 

Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.

Related Indo Count Industries Ltd. Links:

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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