GHCL is the top gainer on the BSE today morning, notching up a gain after 3 days of consecutive fall. The stock opened with a gain of almost 2.5% at Rs.196.15 and went on to hit an intra day high at Rs.201, up 5%. Its 20% UC for today is at Rs.229.95.
The stock has jumped up, reacting to the upgrade by rating agency, India Ratings, a part of the Fitch group.
It has affirmed IND A1 + to GHCL for issuance of Commercial Paper (CP) of Rs.100 crore, which shall be carved out of existing working capital facilities. It has also revised outlook to Positive from Stable by the Credit Rating Agency.
The CP proceeds will be used for fulfilling working capital requirements/refinancing of debt/bridge finance/capital expenditure.