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ITL Industries surges on receiving rating reaffirmation for its bank facilities by CRISIL

29 Sep 2011

ITL Industries is currently trading at Rs 62.05, up by 2.05 points or 3.42% from its previous closing of Rs. 60.00 on the BSE.

The scrip opened at Rs. 57.05 and has touched a high and low of Rs. 63.70 and Rs. 57.05 respectively. So far 49,388 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.40 on 07-Oct-2010 and a 52 week low of Rs. 33.05 on 22-Aug-2011.

Last one week high and low of the scrip stood at Rs 63.70 and Rs 56.15 respectively. The current market cap of the company is Rs 19.78 crore.

The promoters holding in the company stood at 44.82% while Non-Institutions were holding 55.18% of the stake.

Credit rating agency, Crisil has reaffirmed BBB rating with stable outlook to Rs 7.90 crore cash credit limit of ITL Industries. The rating agency has also reaffirmed A3+ rating to Rs 5.50 crore bank guarantee and Rs 2 crore letter of credit of the company.

Crisil ratings on bank loan facilities of ITL Industries continue to reflect the company’s healthy financial risk profile, marked by low gearing and adequate debt protection metrics, and moderate business risk profile marked by an established and diversified clientele. These rating strengths are partially offset by ITL’s modest scale of operations and susceptibility to cyclicality in the end user industry.

The company’s plant, located in Indore (Madhya Pradesh), manufactures bandsaw and circular saw machinery (used in metal cutting), and pipe and tube manufacturing machinery. It also manufactures power hacksaw machinery in technical collaboration with KASTO Maschinenfabrik GmbH (Germany).

Related ITL Industries Ltd. Links:

ITL Industries Share Price

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SEBI Registered: Investment Adviser - INA000013323