Acuite has reaffirmed the long-term rating of 'ACUITE AA-' (read as ACUITE double A minus) to the Rs. 300.00 Cr. secured redeemable Non-convertible debenture issued by Tourism Finance Corporation of India Limited (TFCI). The outlook is revised from 'Stable' to 'Negative'.
The revision in the outlook is driven by increase in stressed assets (Gross Non-Performing loans and investments and 50 percent of investments in security receipts) from Rs. l 00.23 Crore as on March 31, 2019 to Rs. 168.29 Crore as on September 30, 2019 mainly due to slippage in one large account. Acuite believes that any further slippages in asset quality. could impart a negative bias to the rating. Acuite. based on discussions with management of TFCI. understands that adequate provisions have been mode for these stressed exposures.
Shares of TOURISM FINANCE CORPORATION OF INDIA LTD. was last trading in BSE at Rs.77.7 as compared to the previous close of Rs. 77.5. The total number of shares traded during the day was 3247 in over 45 trades.
The stock hit an intraday high of Rs. 78.95 and intraday low of 76.8. The net turnover during the day was Rs. 253187.