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Indiabulls Power hits the roof despite a rating downgrade by CARE

22 Sep 2014 Evaluate

Indiabulls Power is currently trading at Rs. 13.53, up by 0.64 points or 4.97 % from its previous closing of Rs. 12.89 on the BSE.

The scrip opened at Rs. 13.53 and has touched a high and low of Rs. 13.53 and Rs. 13.20 respectively. So far 12590411 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 16.22 on 26-May-2014 and a 52 week low of Rs. 6.12 on 07-Oct-2013.

Last one week high and low of the scrip stood at Rs. 12.89 and Rs. 10.74 respectively. The current market cap of the company is Rs. 3575.89 crore.

The promoters holding in the company stood at 60.79 % while Institutions and Non-Institutions held 19.23 % and 19.98 % respectively.

Credit rating agency, CARE has revised rating of Indiabulls Power’s long term bank facilities worth Rs 7,692.14 crore to ‘BBB-’ from ‘BBB’. The rating agency has assigned ‘A3’ rating to the company’s short term bank facilities worth Rs 265 crore.

The revision in rating takes into account continued delays in project implementation post deferment in Commercial Operation Date (COD) in 2013 for Phase-I of Amravati Power Project (APP-I) and Nashik Power Project (NPP-I) being implemented in IPL and its wholly-owned subsidiary Indiabulls Realtech (IRL) respectively; and low Plant Load Factor (PLF) of the two commissioned units of APP-I leading to lower than envisaged cash accruals.

Indiabulls Power was established to capitalize on emerging opportunities in the Indian power sector. It develops and intends to operate and maintain power projects in India.

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