Man Infraconstruction gains 2% as CARE upgraded rating for bank facilities
The rating agency has upgraded company's fund-based long-term bank facilities worth Rs 32.50 crore to A- with stable outlook, from BBB+
December 08, 2017 / 10:48 AM IST
Workers fasten steel rods together atop a residential building under construction in Mumbai, India, January 31, 2017. REUTERS/Shailesh Andrade - RTX2YYZ7
Man Infraconstruction share price gained nearly 2 percent intraday Friday after CARE has upgraded its rating for bank facilities.
The rating agency has upgraded company's fund-based long-term bank facilities worth Rs 32.50 crore to A- with stable outlook, from BBB+.
The rating on non-fund-based long/short term bank facilities worth Rs 188.18 crore also upgraded by CARE to A- (stable) / A2+, from BBB+ (stable) / A2.
Mumbai-based Man Infraconstruction provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects.
At 10:40 hours IST, the stock price was quoting at Rs 62.90, up Rs 1.05, or 1.70 percent on the BSE.