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Last Updated : Nov 19, 2019 10:24 AM IST | Source: Moneycontrol.com

Peninsula Land share price rises nearly 5% despite rating downgrades by ICRA

The share touched its 52-week high Rs 13.00 and 52-week low Rs 3.23 on 20 November, 2018 and 15 October, 2019, respectively.

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Peninsula Land share price rose nearly 5 percent intraday on November 19 despite rating agency ICRA revising the rating of non-convertible debenture (NCD) of the company.

The rating agency has revised its rating on NCD of Rs 530.53 crore of the company to ICRA C.

The rating agency has stated that the downward revision in the rating is on account of delays in collections of sizeable sold inventory as well as weak sales velocity in ongoing and completed projects which has severally impacted the cash flow position of the company.

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The company also faces high refinancing risk given sizeable debt repayment obligations (excluding collection linked payments).

At 09:51 hrs Peninsula Land was quoting at Rs 4.06, up Rs 0.14, or 3.57 percent on the BSE.

The share touched its 52-week high of Rs 13.00 and its 52-week low of Rs 3.23 on 20 November 2018 and 15 October 2019, respectively.

Currently, it is trading 68.77 percent below its 52-week high and 25.7 percent above its 52-week low.

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First Published on Nov 19, 2019 10:24 am
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