CARE ratings upgrades IOL Chemicals rating
Shares of IOL Chemicals & Pharmaceuticals hit a new high of Rs 592, shooting up to7 per cent on the BSE on Wednesday after CARE Ratings upgraded the ratings of the company’s bank facilities.
The company has repaid its long term loan and there is no due. The rating agency has withdrawn the rating assigned to the long-term loan facility of IOL Chemicals. “CARE Ratings has upgraded the credit rating by one notch. It was CARE A earlier. Now it is changed to CARE A- for the banking facilities availed by the Company.
The revision in the ratings assigned to the bank facilities of IOL takes into account the improvement in the operational performance of the company reflected by growth in total income and expansion in margins resulting in healthy growth in cash accruals.
IOL Chemicals and Pharmaceuticals Limited (IOLCP) is a major organic chemicals manufacturer and supplier. They are Indian manufacturer of industrial chemicals and drugs established in 1986. Pain management, anticonvulsants, anti-diabetes, anti-cholesterol, and anti-platelets are major therapeutic categories they are dealing with.
The stock has escalated 302 per cent from its 52-week low of Rs 147 touched on March 25, 2020, against 42 per cent rise in the S&P BSE Sensex during the same period.
Credit Analysis & Research Ltd (CARE) is one of the leading credit rating agencies of India. Its operations were commenced in the year 1993. Credit Analysis & Research Ltd (CARE Ratings) is a full-service rating agency that offers a wide range of rating and grading services across sectors. The company is recognized by Securities and Exchange Board of India (SEBI) Government of India (GoI) and Reserve Bank of India (RBI) etc. the company also provides specialized grading/rating services such as Corporate Governance ratings IPO grading Mutual Fund Credit quality Ratings etc.