SML Isuzu jumps 7% despite long-term rating cut by ICRA of company's banking facilities
ICRA revised the long term rating and reaffirmed the short term rating of the company. SML Isuzu's long term banking facilities has been revised to ICRA AA- (negative) from ICRA AA (stable).
December 26, 2019 / 12:00 PM IST
Share price of commercial vehicle manufacturer SML Isuzu jumped over 7 percent intraday on December 26 while volumes increased more than 26.03 times.
The stock has gained over 15 percent in the last one month. It was trading at Rs 591.05, up Rs 42.35, or 7.72 percent, at the time of writing this copy. It has touched an intraday high of Rs 616.50 and an intraday low of Rs 552.20.
ICRA has revised the long-term rating and reaffirmed the short-term rating of the company. SML Isuzu's long-term banking facilities has been revised to ICRA AA- (negative) from ICRA AA (stable) amid slowdown in the commercial vehicle (CV) industry, which is likely to persist in the near term given the slowing economic growth, surplus capacity in the trucking system and credit crunch, the company said in a filing to the exchanges.
ICRA has reaffirmed SML Isuzu's short term banking facilities and commercial papers to ICRA A1+.