CARE revised the outlook of credit rating for bank facilities of the company to negative from stable.
Shares of Tiger Logistics rose 3 percent in the early trade on Thursday as company bagged contract for handling the export logistics.
The company has bagged contract for handling the export logistics for the Piaggio Vehicles, company said in BSE filing.
Piaggio Vehicles is an Indian subsidiary of Piaggio & C. S.p.A, Italy who are the pioneers in the manufacturing of 2-3 wheelers in India.
This will strengthen the company position in the auto sector and its vision of handling 70 percent of India’s auto exports logistics by 2021, it added.
However, CARE revised the outlook of credit rating for bank facilities of the company to negative from stable, while reaffirmed its rating as CARE BBB.At 09:31 hrs Tiger Logistics India was quoting at Rs 89.90, up Re 1, or 1.12 percent on the BSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.