ICRA affirms long-term rating of Archies Ltd

The Rating Committee of ICRA, after due consideration, has affirmed the long-term rating for Archies Ltd's Rs. 33.00 Crores Bank Line of Credit (LOC) at [ICRA]BB+ (pronounced ICRA double B plus). The Outlook on the long-term rating has been revised to [ICRA]BB+ (Stable) from [ICRA]BBB- (Negative).

The Stable outlook on the [ICRA]BB+ rating reflects ICRA's opinion that the company will benefit from its established brand presence in the social expressions market and continued funding support from the promoters to bridge funding gaps, if any. However, turnaround in operating performance will remain crucial to ramp-up revenues during the vital festival season in H2 FY2021.

Shares of ARCHIES LTD. was last trading in BSE at Rs.14.56 as compared to the previous close of Rs. 14.69. The total number of shares traded during the day was 18887 in over 78 trades.

The stock hit an intraday high of Rs. 14.96 and intraday low of 14.3. The net turnover during the day was Rs. 274483.

Source : Equity Bulls

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