India Ratings Upgrades Shree Renuka Sugars and its NCDs to 'IND A'/Stable

India Ratings and Research (Ind-Ra) has upgraded Shree Renuka Sugars Limited's (SRSL) Long-Term Issuer Rating to 'IND A' from 'IND A-'. The Outlook is Stable.

Ind-Ra continues to factor in SRSL's strong operational, strategic and legal linkages with its ultimate parent, Wilmar International Limited (Wilmar), and the continued strong support that it receives from Wilmar, to arrive at the ratings. Furthermore, the agency continues to take a standalone approach while factoring in the modest impact from the proposed merger of four of SRSL's subsidiaries (Gokak Sugars Limited, Monica Trading Private Limited, Shree Renuka Agri Ventures Limited and Shree Renuka Tunaport Private Limited).

The upgrade reflects the improvement in SRSL's business and financial profile in FY23, led by an improvement in the profitability and successful commencement of expanded distillery operations.

Shares of Shree Renuka Sugars Limited was last trading in BSE at Rs. 44.92 as compared to the previous close of Rs. 44.94. The total number of shares traded during the day was 468511 in over 1587 trades.

The stock hit an intraday high of Rs. 46.07 and intraday low of 44.81. The net turnover during the day was Rs. 21232216.00.

Source : Equity Bulls

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ShreeRenukaSugars INE087H01022 RatingUpdate Upgrade