Reliance Infra shares rally 4% after 3-notch credit rating upgrade
Reliance Infrastructure
surged 3.7% to hit an intraday high of Rs 392 on the NSE on Monday after the company announced a significant
credit rating upgrade
from
India Ratings
and Research.
In a regulatory filing made after market hours on Friday, the Anil Ambani-led company said that India Ratings has upgraded its credit rating by three notches, moving it from the earlier 'IND D' rating to 'IND B/Stable/IND A4' on its existing non-fund-based working capital limits.
The credit rating agency also removed the company's 'Default' classification after six years.
The rating upgrade was driven by
Reliance Infra
's sharp reduction in debt, with the company now reporting a near-zero debt position with banks and financial institutions.
'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,' Reliance Infra said in its exchange filing.
Over the past one year, the stock of Reliance Infra has gained 105.67%. On a year-to-date (YTD) basis, it is up 22.81%, while over the last six months, the stock has risen 42.42%. In the last three months, it has recorded a sharp gain of 56.67%, and over the past one month, the stock is up 1.91%.
On charts, the shares of Reliance Infrastructure are trading above their 50-day, 100-day and 200-day exponential moving averages (EMAs), according to Trendlyne data.
However, the counter has been highly volatile with a 1-year beta of 1.6, the Trendlyne data suggested.
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