India Ratings and Research (Ind-Ra) has downgraded Shankara Building Products Limited's (SBPL) Long-Term Issuer Rating to 'IND A-' from 'IND A'. The Outlook is Stable.
The Fund-based working capital limits of Rs. 3,600 million has been downgraded to IND A-/Stable / IND A2+ (off RWN).
The Non-fund-based working capital limits of Rs. 20 million has been downgraded to IND A2+ (off RWN).
Ind-Ra continues to take a consolidated view of SBPL and its subsidiaries, Vishal Precision Steel Tubes & Strips Private Limited, Taurus Value Steel & Pipes Private Limited (TVSPPL) and Centurywells Roofing India (Pvt) Ltd, while arriving at the ratings on account of the strong operational, legal and financial linkages among the entities. SBPL has provided a corporate guarantee for the entire debt taken by its subsidiaries. Any delays in debt servicing at the subsidiary level would also have a considerable bearing on SBPL's ratings and vice versa.
Shares of Shankara Building Products Ltd was last trading in BSE at Rs.260.5 as compared to the previous close of Rs. 258.35. The total number of shares traded during the day was 998 in over 90 trades.
The stock hit an intraday high of Rs. 264.7 and intraday low of 256. The net turnover during the day was Rs. 260041.