The company retails ready-made garments for men and boys such as shirts, trousers, t-shirts, jackets and sweaters under the Indian Terrain brand
Shares of Indian Terrain Fashions jumped over six percent in intraday trade on October 11 buoyed by a rating upgrade by ICRA.
The agency had assigned a long-term rating of 'ICRA A-' with a stable outlook and a short-term rating of 'ICRA A2+' to the Rs 60 crore lines of credit (LOC) to the company, Indian Terrain said in an exchange filing.
ICRA said it expects the company’s performance to remain steady, supported by its established presence and ongoing efforts to expand in non-south markets and reduce its receivables.
Moreover, the company said CRSIL has withdrawn the rating assigned to its bank facilities following its request and a no-objection certificate from its banker.
CRISIL had a 'CRISIL BBB+' rating with a stable outlook on the company's long-term facilities and 'CRISIL A2' on short-term facilities, cumulatively worth Rs 79.55 crore.
The company retails ready-made garments for men and boys such as shirts, trousers, t-shirts, jackets and sweaters under the Indian Terrain brand.The scrip traded 6.37 percent higher at Rs 71.80 on the BSE around 1200 hours IST.