CARE reaffirms ratings on JK Tyre’s facilities worth Rs4,708 crore; stock rallies ~4%

JK Tyre & Industries Limited knowledgeable that CARE Rankings has reaffirmed ranking on numerous amenities of the corporate.

CARE has reaffirmed the ‘CARE A’ ranking on the long-term financial institution amenities of the corporate. The outlook has been reaffirmed as ‘Secure’.

Additional, the corporate said that the ranking on short-term financial institution amenities has been reaffirmed as ‘CARE A1’.

CARE Rankings reaffirmed ‘CARE A’ ranking on the Fastened deposit programme of the corporate.

The ranking reaffirmation for the Firm’s financial institution amenities and devices continues to derive energy from the corporate’s lengthy working observe report, as characterised by a stable place within the home tyre sector and wholesome demand state of affairs.

The ranking company has reviewed long-term financial institution amenities price Rs3,153.43 crore (enhanced from Rs3,064.25 crore).

Whole financial institution amenities reviewed by the ranking company are price Rs4,708.43 crore.

At round 3.16 PM, JK Tyre & Industries was buying and selling at Rs179.15 up by 4.04% from its earlier closing of Rs172.20 on the BSE. The scrip touched intraday excessive and low of Rs179.80 and Rs170.35 respectively.