India Ratings affirms ratings of Polyplex Corporation with 'stable' outlook
The agency has also affirmed the companys short-term rating at 'IND A1+.
India Ratings and Research stated the affirmation reflects an improvement in the consolidated financial performance in FY25 while maintaining a strong credit profile, in line with the agencys expectations.
The ratings continue to be supported by the companys strong position in the flexible packaging industry.
The agency further said that developments that could, individually or collectively, lead to a positive rating action include an improvement in the scale and operating EBITDA, and maintaining the share of value-added products in the overall revenue and EBITDA mix, while maintaining the credit metrics on a sustained basis.
However, delays, cost over-runs or a slower-than- expected ramp-up for new projects, a decline in the consolidated revenue or sustained deterioration in the operating EBITDA, large, debt-funded capex or acquisition, leading to sustained deterioration in the net leverage, and any adverse government regulatory action negatively impacting the sector could lead to an adverse rating action.
Polyplex Corporation (PCL) has a product portfolio includes PET films (thin & thick), BOPP, cast polypropylene and blown polypropylene. These products are used in flexible packaging besides several industrial applications such as tapes, labels, thermal lamination, imaging and graphics, photo-voltaic and optical applications. The companys manufacturing facilities spread across India, the US, Thailand, Turkey and Indonesia.
The scrip rose 0.21% to currently trade at Rs 1205.65 on the BSE.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
an hour ago
- The Print
Stock markets muscle through intense volatility amid buying rush in heavyweights
The 50-share NSE Nifty inched up by 55.70 points or 0.22 per cent to 25,461. After oscillating between highs and lows in intra-day trade, the 30-share BSE Sensex ended 193.42 points or 0.23 per cent higher at 83,432.89. During the day, it hit a high of 83,477.86 and a low of 83,015.83, gyrating 462.03 points. Mumbai, Jul 4 (PTI) Benchmark indices Sensex and Nifty ended higher on Friday in a highly volatile trade amid a buying rush in banking and other bellwether stocks on the back of a rally in the US markets. From the Sensex firms, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HCL Tech, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Consultancy Services, Reliance Industries, Axis Bank and Larsen & Toubro were among the major gainers. However, Trent, Tata Steel, Tech Mahindra and Maruti were among the laggards. 'The tone was negative in the first half; however, a decent recovery in heavyweight stocks pared all the losses as the day progressed, helping the index close near the day's high at the 25,461 level. 'With all eyes on the impending US-India trade deal as the tariff deadline approaches, participants are hopeful for a favourable outcome, which could provide the much-needed trigger for the next leg of the market up move,' Ajit Mishra – SVP, Research, Religare Broking Ltd, said. The BSE midcap gauge went up by 0.23 per cent and smallcap index climbed marginally by 0.17 per cent. Among BSE sectoral indices, oil & gas jumped 1.26 per cent, energy (0.90 per cent), realty (0.87 per cent), IT (0.67 per cent), healthcare (0.64 per cent), BSE Focused IT (0.65 per cent) and teck (0.52 per cent). Metal, telecommunication, auto, consumer discretionary and commodities were the laggards. As many as 2,261 stocks advanced while 1,788 declined and 140 remained unchanged on the BSE. 'The Indian market is experiencing a pause as investors adopt a wait-and-watch strategy ahead of the impending US tariff deadline with mixed global cues. Ongoing FII outflows reflect a risk-off approach, while DII inflows are offering partial support. 'Following the recent rally, main indices are hovering near peak valuation levels, limiting further upside, which is highly dependent on Q1 earnings and details of the trade deal,' Vinod Nair, Head of Research, Geojit Investments Limited, said. In Asian markets, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled higher while South Korea's Kospi and Hong Kong's Hang Seng ended lower. European markets were trading in the negative territory. The US markets ended in the positive territory on Thursday. Global oil benchmark Brent crude dropped 1.03 per cent to USD 68.03 a barrel. Meanwhile, markets regulator Sebi has barred US-based Jane Street Group from the securities markets and directed the group to disgorge unlawful gains of Rs 4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment. This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi). Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,481.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,333.06 crore. On Thursday, the Sensex dropped by 170.22 points or 0.20 per cent to settle at 83,239.47. The Nifty declined by 48.10 points or 0.19 per cent to 25,405.30. 'Indian equity markets opened on a flat note Friday as investors remained cautious ahead of a potential India–US trade agreement and digested regulatory action against a major global trading entity. Both indices dipped during mid-session but recovered to end on a positive note…,' Gaurav Garg, Analyst, Lemonn Markets Desk, said. On the weekly front, the BSE benchmark gauge dropped 626.01 points or 0.74 per cent, and the Nifty declined 176.8 points or 0.68 per cent. PTI SUM HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
3 hours ago
- Time of India
Sebi's Jane Street ban: Zerodha's Nikhil Kamath shocked trading firm ‘kept at it despite warnings'; quips ‘they're used to lenient US regulatory regime'
Market regulator Sebi's sweeping action against global proprietary trading firm Jane Street has triggered wider concerns about India's options markets, with Zerodha founder and CEO Nithin Kamath warning that the crackdown, while justified, could adversely affect retail trading activity and hit exchanges and brokers. 'You've got to hand it to SEBI for going after Jane Street. If the allegations are true, it's blatant market manipulation. The shocking part? They kept at it even after receiving warnings from the exchanges. Maybe this is what happens when you're used to the lenient US regulatory regime. Think about the structure of U.S. markets: dark pools, payment for order flow, and other loopholes that allow hedge funds to make billions off retail investors. None of these practices would be allowed in India, thanks to our regulators,' Kamath posted on X. 'That said, there's a flip side. Prop trading firms like Jane Street account for nearly 50% of options trading volumes. If they pull back— which seems likely —retail activity (~35%) could take a hit too. So this could be bad news for both exchanges and brokers. The next few days will be telling. F&O volumes might reveal just how reliant we are on these prop giants. I'll share more data as and when anything interesting turns up,' he added. Jane Street is accused of executing a massive Rs 36,500 crore scam by booking Rs 43,289 crore in options profits while deliberately incurring Rs 7,208 crore in losses in the futures and equities markets, according to an ET report. Sebi, in a 105-page interim order issued Thursday, said the firm manipulated market prices by gaming the auction mechanism on the NSE and the BSE, thereby distorting the true price discovery process. The interim order imposed sweeping restrictions on Jane Street and its related entities. The firms have been barred from accessing the securities market — directly or indirectly — and their bank, demat, and custodial accounts have been frozen. While no debits are permitted without Sebi's approval, credits can be accepted. In addition, the regulator has ordered the impounding of Rs 4,843.57 crore in alleged illegal gains, to be placed in an escrow account with a lien in Sebi's favour. The entities have also been prohibited from disposing of or alienating any of their assets in India until the full amount is deposited. Sebi has given Jane Street 21 days to file objections and has offered the opportunity for a personal hearing. In response, Jane Street told Reuters in an emailed statement: 'Jane Street is committed to operating in compliance with all regulations in the regions we operate around the world. Jane Street disputes the findings of the SEBI interim order and will further engage with the regulator.' Meanwhile, stock exchanges have been instructed to closely monitor any future dealings by the firm to ensure there is no recurrence of similar behaviour. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
4 hours ago
- Business Standard
Crizac's ₹860 crore IPO subscribed 59.82 times on final bidding day
The ₹860-crore initial share sale received bids for 154,56,79,488 shares against 2,58,36,909 shares on offer, as per NSE data The initial public offer of student recruitment solutions provider Crizac Ltd got subscribed 59.82 times on the closing day of bidding on Friday. The ₹860-crore initial share sale received bids for 154,56,79,488 shares against 2,58,36,909 shares on offer, as per NSE data. The portion for Qualified Institutional Buyers (QIBs) got subscribed a whopping 134.35 times while the quota for non-institutional investors fetched 76.15 times subscription. Retail Individual Investors (RIIs) part received 10.24 times subscription. Crizac on Tuesday said it has garnered ₹258 crore from anchor investors. The price band has been fixed at ₹233-245 per share for the initial public offering (IPO). The IPO is entirely an offer for sale (OFS) of equity shares worth₹ 860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the red herring prospectus. The OFS consists sale of equity shares worth₹ 723 crore by Pinky Agarwal and ₹137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO. The company, which had proposed to raise ₹1,000 crore in November last year, has trimmed the issue size to ₹860 crore. It did not provide any specific reason for the downward revision in the offer size. The Kolkata-based firm is a B2B education platform for agents and global institutions, offering international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand. The company's shares will be listed on the BSE and NSE. Equirus Capital and Anand Rathi Advisors are the book running lead managers for the IPO. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
