ICRA assigns stable ratings to Sanghi Ind for 4.25 billion rupee credits

SANGHIPURAM | SANGHINAGAR (TELANGANA) | MUMBAI | AHMEDABAD | RAJKOT – In a regulatory update submitted to the Stock Exchanges in India on Wednesday, Sanghi Cements Ltd said of having availed stable ratings for combined long-term and short-term credits amounting upto 4.25 billion (425 crore) rupees, from credit rating agency ICRA.

ICRA has enhanced the credit limits for long-term funds from 3.85 billion (385 crore) rupees to 4.10 billion (410 crore) rupees assigning ICRA A stable ratings for the long-term funding programme of the company, whereas the rating agency has assigned ICRA A1 for short-term non-fund based limited pegged at 150 million (15 crore) rupees, the filing said.

As soon as the announcement hit the Indian Bourses, investors & traders reacted positively to the credit ratings of the company and share prices of the company spiked towards improvement to continue trading on CHOPPY sessions, but ended on POSITIVE counters.