Go Fashion shares surge after rating upgrade

Mumbai: The stock market index on a display screen at the Bombay Stock Exchange (BSE) building. File photo (PTI) — Mumbai: The stock market index on a display screen at the Bombay Stock Exchange (BSE) building. File photo **(PTI)**

1 min read . Updated: 11 Apr 2022, 10:46 AM IST Livemint

Go Fashion is engaged in the development, design, sourcing, marketing and retailing a range of women's bottom-wear products under the brand, 'Go Colors'

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Shares of Go Fashion (India) Ltd surged more than 2% in Monday's early deals on the BSE to ₹1,016 apiece after rating agency ICRA upgraded the company's long-term and short-term ratings.

“Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration, has upgraded the long-term rating to [ICRA]A from [ICRA]A- and has upgraded the short-term rating to [ICRA]A1 from [ICRA]A2+ assigned to the captioned bank facilities of ₹65 crore," the company announced in an exchange filing.

The Outlook on the long-term rating is stable. Instruments with [ICRA]A rating indicate adequate degree of safety regarding timely servicing of financial obligations and instruments with [ICRA]A1 rating indicate very strong degree of safety regarding timely servicing of financial obligations, it added.

Go Fashion is engaged in the development, design, sourcing, marketing and retailing a range of women's bottom-wear products under the brand, 'Go Colors'. The company's shares made stock market debut in November last year. The newly listed stock is down more than 5% in 2022 (year-to-date or YTD) so far, whereas it has declined about 19% since listing.

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