Credit rating agency, CRISIL Research has downgraded the fundamental grade of Monnet Ispat & Energy to 3/5 from 4/5. The grade indicates that the company’s fundamentals are ‘good’ relative to other listed equity securities in India. Moreover, the rating agency has assigned a valuation grade of 5/5 to the company.
Previously, the company was graded 4/5 based on the expected high profitability of its upcoming 1,050 MW power project driven by two captive coal blocks in Odisha - Mandakini and Utkal B2.
Monnet Ispat & Energy was incorporated on February 1, 1990. A Monnet group company, it is engaged in the business of sponge iron, steel ingot & billets and coal mining.
