Ind-Ra downgrades rating of Navkar Corporation Ltd

India Ratings and Research (Ind-Ra) has downgraded Navkar Corporation Limited's (NCL) Long-Term Issuer Rating to 'IND A-' from 'IND A'. The Outlook is Stable.

The downgrade reflects NCL's higher than the agency-anticipated net leverage (net debt/EBITDA) in FY20 and the agency's expectations of a further decline in the operating profitability and consequently net leverage in FY21. Furthermore, the company's liquidity profile remains stretched amid high working capital utilisation and estimated low unencumbered cash balance as at FYE20.

Shares of Navkar Corporation Ltd was last trading in BSE at Rs.26 as compared to the previous close of Rs. 26.5. The total number of shares traded during the day was 26233 in over 191 trades.

The stock hit an intraday high of Rs. 26.5 and intraday low of 24.6. The net turnover during the day was Rs. 665616.

Source : Equity Bulls

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