Trident rallies 6% as CARE upgrades credit rating

MUMBAI: Shares of Trident surged over 6 per cent in trade after Credit Analysis & Research (CARE) upgraded its credit ratings.

The rating agency removed rated the company’s ‘long tem bank facilities’ to CARE A- from CARE BBB+ and removed it from credit watch.

‘Long/short term bank facilities’ were rated CARE A- /CARE A2+from CARE BBB+ /CARE A2 and ‘short term bank facilities’ were upgraded to CARE A2+ from CARE A2.

“The revision in the ratings of bank facilities of Trident factors in the overall improvement in the operational and financial risk profile of the company marked by growth in operations, better profitability and improved capital structure during FY14,” Trident said in filings to stock exchanges.

At 11:00 a.m.; the stock was at Rs 25.60, up 5.35 per cent, on the BSE. It surged 6.58 per cent to touch intraday high of Rs 25.90.

Over 3.20 lakh shares were traded in the counter against two-week average of 1.70 lakh shares.