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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