IVRCL surges on getting rating reaffirmation for bank facilities from ICRA

12 Aug 2011

IVRCL is currently trading at Rs 49.70, up by 0.65 points or 1.33% from its previous closing of Rs 49.05 on the BSE.

The scrip opened at Rs 51.00 and has touched a high and low of Rs 51.00 and Rs 49.45 respectively. So far 85358 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 174.00 on 27-Sep-2010 and a 52 week low of Rs 45.55 on 09-Aug-2011.

Last one week high and low of the scrip stood at Rs 51.10 and Rs 45.55 respectively. The current market cap of the company is Rs 1309.68 crore.

The promoters holding in the company stood at 9.52% while Institutions and Non-Institutions held 52.31% and 38.17% respectively.

Credit rating agency, ICRA has re-affirmed the long-term ratings of A+ assigned earlier to the Rs 100 crore term loans, Rs 866 crore fund- based facilities and Rs 3,709 crore non-fund based facilities of IVRCL. The rating agency has also re-affirmed the short-term ratings of A1 assigned earlier to the Rs 309 crore fund-based facilities and the Rs 841 crore non-fund based facilities of the company. The long term ratings carry a Stable outlook.

The ratings reaffirmation takes into account the established position of the company in the Indian infrastructure sector and its steady operations, as reflected by stable operating margins over the years. The ratings also factor in the company’s strong order book position (at over Rs 15934 crore as on March 31, 2011), which provides visibility of revenues in the medium term.

IVRCL is engaged primarily in providing Engineering, Procurement, Construction and Commissioning services in major infrastructure segments including urban/rural water supply, irrigation and environment related projects, pipelines, power projects (substations and transmission and distribution Lines), buildings and industrial structures, roads and bridges.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323