Brickwork Ratings India Pvt. Ltd . vide its letter dated 25th November, 2019 published on its website, has moved the ratings of bank loan facilities (long term) of Ganesh Housing Corporation Limited (BSE: 526367 / NSE: GANESHHOUC) from BWR BBB- (Stable) to BWR BB+ (Negative). Brickwork's observations, state that the down grade in the rating follows deterioration in operating performance of the company for 1HFY20 leading to substantial deterioration in coverage indicators, uncertainty of cash flows for high scheduled debt repayment in FY20 and FY21 and slowdown in the real estate market of Gujarat [which includes RERA, GST, and GDCR (Gujarat Development Control Regulation) and also frequent changes in them]. The rating continues to derive support from extensive experience of the promoters in real estate sector, GHCL's established track record of completed projects, its strong presence in Ahmedabad real estate market comprising of residential and commercial space and integrated township.
Shares of GANESH HOUSING CORPORATION LTD. was last trading in BSE at Rs.31 as compared to the previous close of Rs. 31.15. The total number of shares traded during the day was 16790 in over 335 trades.
The stock hit an intraday high of Rs. 31 and intraday low of 30. The net turnover during the day was Rs. 514132.