CARE upgrades rating of Gayatri Projects Limited

Care Ratings has upgraded Gayatri Projects Limited's Credit rating for bank facilities.

The long term bank facilities rating has been revised to CARE B / Stable (Single B, Outlook: Stable) from CARE D (Single D).

The short term bank facilities rating has been revised from CARE D to CARE A4.

The revision in the rating assigned to the bank facilities of the Gayatri Projects Limited (GPL) is on account of regularization of delays in debt servicing and subsequent improvement in liquidity. The ratings are constrained by leveraged capital structure, stable operating income with decline in margins, moderate operating cycle, high exposure in group companies/subsidiaries in form of loans & advances and corporate guarantees. The ratings also factor significant experience and track record of promoters in execution of construction contracts, healthy and geographically diversified order book position with long term revenue visibility, gradual increase in asset base with low reliance on sub-contracting and stable industry outlook.

Shares of GAYATRI PROJECTS LTD. was last trading in BSE at Rs.41.65 as compared to the previous close of Rs. 40.8. The total number of shares traded during the day was 27778 in over 163 trades.

The stock hit an intraday high of Rs. 41.85 and intraday low of 40.8. The net turnover during the day was Rs. 1151423.

Source : Equity Bulls

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