Brickwork Ratings India Pvt. Ltd. vide its letter dated 26th February, 2020 published on its website, has moved the ratings of bank loan facilities (long term) of Ganesh Housing Corporation Ltd from BWR BB+ (Negative) to BWR BB- (Negative).
Brickwork's observations, state that the downgrade in the rating follows deterioration in operating performance of the company for 3QFY20 and 9MFY20 leading to substantial deterioration in coverage indicators, delay in cash flows for high scheduled debt repayment in 4QFY20 and FY21 and slowdown in the realestate market of Gujarat [which includes RERA, GST, and GDCR (Gujarat Development Control Regulation) and also frequent changes in them]. The rating continuous 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.30 as compared to the previous close of Rs. 29.65. The total number of shares traded during the day was 568 in over 10 trades.
The stock hit an intraday high of Rs. 30.1 and intraday low of 29.7. The net turnover during the day was Rs. 16991.