IFGL Refractories shares hit 52-week high after ICRA upgrades credit rating

IFGL Refractories | ICRA upgraded credit rating assigned for Rs 173 crore line of credit of the company. (Image: ifglref.com)

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IFGL Refractories share price was up 4 percent intraday on December 30 after ICRA upgraded credit rating assigned for Rs 173 crore line of credit of the company.

ICRA Limited (ICRA) have upgraded Credit Rating assigned for Rs 173 crore Line of Credit of the Company. Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration, has upgraded the long-term rating to fICRAIAA- (pronounced ICRA double A minus) from [ICRA]A+ (pronounced ICRA A plus), assigned to the Rs 173 crore Line of Credit (LOC) of your Company, the company said in an exchange filing.

"The outlook on the long-term rating is 'Stable'. The short-term rating for the captioned LOC has been reaffirmed at 1 ICRAIAI+ (pronounced ICRA A one plus)," it added.

The stock was trading at Rs 266, up Rs 20.10, or 8.17 percent. It has touched a 52-week high of Rs 267. It has touched an intraday high of Rs 267 and an intraday low of Rs 247.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages. The company has zero promoter pledge with FII / FPI or institutions increasing their shareholding.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.