Kopran hits 52-week high after Crisil upgrades rating outlook to 'Positive'

 

Shares of Kopran were locked in the 5 per cent upper circuit band at Rs 97.35 on the BSE on Tuesday, gaining 10 per cent in the past four trading days, after rating agency Crisil revised its outlook on the long term bank facilities of the company to 'Positive' from 'Stable'. The rating agency reaffirmed its 'CRISIL BBB' rating on long term bank facilities, while short term ratings has been reaffirmed at 'CRISIL A3+'.

The stock of the pharmaceutical company was trading at its 52-week high level. In the past one month, it has rallied 39 per cent as compared to 4.4 per cent gain in the S&P BSE Sensex. Meanwhile, in the past three months, the stock has zoomed 157 per cent, as against 10.6 per cent rise in the benchmark index.

Trading volumes on the counter more-than-doubled with a combined 1.06 million equity shares changing hands on the NSE and BSE till the time of writing of this report. There were pending buy orders for 99,000 shares on both the exchange, data show.

"The revision in the outlook reflects improvement in Kopran group's business risk profile expected over the medium term. Improved demand from export market, addition of new geographies and new products under development, should result in higher revenue and profitability over the medium term," Crisil said in a detailed rationale.

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