Peninsula Land share price rises nearly 5% despite rating downgrades by ICRA

Peninsula Land share price rises nearly 5% despite rating downgrades by ICRA

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Peninsula Land share price rose nearly 5 percent intraday on November 19 despite rating agency ICRA revising the rating of non-convertible debenture (NCD) of the company.

The rating agency has revised its rating on NCD of Rs 530.53 crore of the company to ICRA C.

The rating agency has stated that the downward revision in the rating is on account of delays in collections of sizeable sold inventory as well as weak sales velocity in ongoing and completed projects which has severally impacted the cash flow position of the company.

The company also faces high refinancing risk given sizeable debt repayment obligations (excluding collection linked payments).

At 09:51 hrs Peninsula Land was quoting at Rs 4.06, up Rs 0.14, or 3.57 percent on the BSE.

The share touched its 52-week high of Rs 13.00 and its 52-week low of Rs 3.23 on 20 November 2018 and 15 October 2019, respectively.

Currently, it is trading 68.77 percent below its 52-week high and 25.7 percent above its 52-week low.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/peninsula-land-share-price-rises-nearly-5-despite-rating-downgrades-by-icra_13193121.html

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