Reliance Infra gets 3-notch ratings boost from India Ratings on near-zero debt
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Anil Ambani-promoted Reliance Infrastructure 's credit rating has been upgraded by three notches by India Ratings and Research which has assigned it 'IND B/Stable/IND A4' rating from an earlier rating of 'IND D', the company today informed the exchanges after market hours. The upgrade is on its existing non-fund based working capital limits.The credit rating agency has also removed 'Default' rating after six years in view of the company's near-zero debt profile , the exchange filing said."This upgrade represents a significant improvement of three notches in the Company's credit profile, achieved after six years at the IND D rating level. The upgrade also reflects the Company's substantial deleveraging efforts, resulting in net zero debt with banks and financial institutions," the exchange filing said.Reliance Infrastructure shares today ended the session at Rs 377.45 on the NSE, up by Rs 2.95 or 0.79% over the Thursday closing price.Reliance Infra shares have been in top form for the last one year, jumping by 97% during this period. In this year so far its returns have been to the tune of 18%, significantly higher than the headline indices Nifty and Sensex. Both Nifty and Sensex have seen an uptick of slightly over 3%.In the past six months, two of his group companies, Reliance Power and Reliance Infrastructure, have seen market cap gains of 1.5x and 1.9x, respectively. Also, foreign institutional holdings have increased, and so has the group's project pipeline, which includes solar-plus-storage megaprojects and Rs 10,000 crore smart munitions contracts. More importantly, the companies are debt-free. Additionally, a Rs 17,600-crore capital raise is underway.Shares of Reliance Infrastructure are trading above their 50-day and 200-day simple moving averages (SMAs) of Rs 341 and Rs 289, respectively according to Trendlyne data.However, the counter has been quite volatile with a 1-year beta of 1.7, the Trendlyne data suggested.
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