CARE Ratings update on ratings of Wockhardt Limited

CARE Ratings Limited (CARE Ratings) has assigned CARE BBB-; Stable (Triple B Minus; Outlook: Stable) for the Non-Convertible Debentures aggregating upto Rs. 50 crores proposed to be issued by the Company and also reaffirmed the Company's Ratings for:

- Long-Term Bank Facilities (Fund Based) of Rs. 700 Crore as "CARE BBB-; Stable";

- Short Term Bank Facilities (Non-Fund Based) of Rs. 307.80 Crore as "CARE A3"; and

- Non-Convertible Debenture of Rs. 200 crore as "CARE BBB-; Stable"

The rating was given, after factoring in considerable reduction in term debt, the Company's tie up with global players for manufacturing and supply of vaccines and respiratory drugs, established track record of company in global pharmaceutical industry as well as experienced and resourceful promoters, strong and diversified product portfolio across multiple therapeutic segments with established marketing network and global presence as well as accredited manufacturing facilities with R&D focused approach.

Shares of Wockhardt Ltd was last trading in BSE at Rs. 420.6 as compared to the previous close of Rs. 420.2. The total number of shares traded during the day was 90360 in over 3490 trades.

The stock hit an intraday high of Rs. 429.85 and intraday low of 418.55. The net turnover during the day was Rs. 38311448.

Source : Equity Bulls

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