The exchange filing said that the credit rating agency has also removed the ‘default’ rating six years after six years in view of the zero debt profile near the company.
The exchange filing said, “This upgrade presents a significant improvement in the company’s credit profile, which is received six years later at the ID D rating level. This upgrade also reflects the company’s significant delivery deliverage efforts, resulting in a net zero debt with banks and financial institutions.”
Reliance Infrastructure stocks today ended session on the NSE at 7 377.45, rising by Rs 2.95 or 0.79% on Thursday’s closed price.
Reliance Infra shares have been in the top form for the last one year during this period. So far this year its return is 18%, which is significantly higher than the Nifty and Sensex heading indices. Both the Nifty and the Sensex have seen a slightly more than 3%.
In the last six months, its two group companies, Reliance Power and Reliance Infrastructure, have seen the market cap benefit of 1.5x and 1.9x respectively. Also, foreign institutional holdings have increased, and therefore the project is a pipeline, which includes solar-plus-storage megaprogacts and smart munition contracts of Rs 10,000 crore. More importantly, companies are debt free. In addition, Rs. A capital increase of 17,600 crore is underway.
Shares of Reliance Infrastructure are trading at their 50-day and 200-day easy moving average (SMA) of Rs 341 and Rs 289, respectively, according to trendlin data.
However, the counter has been quite unstable with a 1 year beta of 1.7, indicating trendlin data.
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