Credit rating agency, CRISIL Research has revised CRISIL IER fundamental grade of Innoventive Industries to 2/5 from 3/5. The grade indicates that the company’s fundamentals are ‘moderate’ relative to other listed equity securities in India. The rating agency has also revises valuation grade of 5/5 to the company.
The downward revision in Innoventive’s fundamental grade follows weak demand and a stretched balance sheet.
Innoventive Industries manufactures precision steel tubes, membrane panel strips, auto components, oil well drilling couplings, pup joints and other precision steel products catering to applications in diverse sectors such as transportation, boilers & heat exchangers, energy, oil & gas, farm equipment & general engineering.
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