India Ratings and Research (Ind-Ra) has revised the Outlook on IVP Limited (IVP) to Stable from Negative while affirming the Long-Term Issuer Rating at 'IND BBB-'
To arrive at the ratings, Ind-Ra continues to factor in the availability of financial and management support to IVP from its parent, Allana Group (71.32% stake in IVP), as and when required.
The Stable Outlook reflects IVP's strong financial recovery in FY21, supported by a healthy increase in the volume sales of polyurethane (PU) and an improvement in the realisations of the division. The company reported a comfortable interest coverage ratio of 2.3x in FY21 (FY20: not meaningful), supported by a better-than Ind-Ra expected operating performance, and also received timely support of INR200 million in the form of inter-corporate deposits (ICDs) from its parent.
Shares of IVP Ltd., was last trading in BSE at Rs. 116.35 as compared to the previous close of Rs. 115.4. The total number of shares traded during the day was 40 in over 2 trades.
The stock hit an intraday high of Rs. 116.35 and intraday low of 113.4. The net turnover during the day was Rs. 4538.