Astral rallies 5% as CARE upgrades long-term bank facilities' rating

New Delhi: Shares of Astral Limited, a maker of plastic products, rallied over 5 per cent in Thursday's session to hit the day’s high of Rs 2,537.95 after it said the company has received ratings upgrade in respect of its long-term bank facilities.

The company in an exchange filing said CARE Ratings upgraded its long-term bank facilities' rating to CARE AA + from CARE AA earlier while maintaining a Stable outlook. For its short-term bank facilities, the rating agency reaffirmed its CARE A1+ rating.

At 1:41 pm, the scrip was trading 4 per cent higher at Rs 2512.5 per share on NSE


The company on Thursday also informed bourses that the board has approved the purchase of an additional 15 per cent equity in Seal IT Services, a UK-based subsidiary, at a consideration of GBP 52,50,000 (equivalent to Rs 48 crore). With this acquisition, the company’s total equity stake in the subsidiary increased to 95 per cent from earlier 80 per cent.

Astral Limited is a midcap plastics product company with an m-cap of Rs 50,332 crore. The company is into the manufacturing and trade of pipes, fittings and adhesive solutions.