Ceat shares rise on plans to Rs 250 crore via NCDs; India Ratings assigns stable rating
The board approved raising Rs 250 crore through issue of 2,500 non-convertible debentures (NCDs) on a private placement basis, in one or more tranches.
September 28, 2020 / 09:48 AM IST
Ceat share price gained over 2 percent in the morning session on September 28 after the company's board approved raising Rs 250 crore through issue of 2,500 non-convertible debentures (NCDs) on a private placement basis, in one or more tranches.
The stock was trading at Rs 926.05, up Rs 19.45, or 2.15 percent at 09:30 hours. It has touched an intraday high of Rs 934.50 and an intraday low of Rs 926.
The company board also authorised the finance and banking committee of the company to approve the raising of funds upto Rs 250 crore through issuance of NCDs on private placement basis, in one or more tranches.
Also, credit ratings agency India Ratings and Research has assigned 'IND AA' rating with stable outlook for the company's proposed issue of NCDs of upto Rs 250 crore. The rating agency affirmed its ratings on the company's long-term bank facilities worth Rs 2,491 crore at IND AA-Stable and commercial paper issue worth Rs 350 crore at IND A1+.
Amansa Holdings & Amansa Investements increased stake in the company to 9.29 percent from 9.17 percent earlier.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge. The stock is showing strong momentum: price above short, medium and long term moving averages.
Moneycontrol technical rating is bullish with moving averages being bullish and technical indicators being neutral.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.