Jain Irrigation plunges 26% after India Ratings cut long time company score
Jain Irrigation Systems stocks crashed 26 percent intraday to hit fifty-two-week low of Rs 20.2 on June 19 after India Ratings reduce its long time issuer score.
The stock becomes quoting at Rs 21.10, down Rs 6. Three, or 22.Ninety-nine percentage at the BSE at 1314 hours IST.
India Ratings and Research stated it has downgraded Jain Irrigation Systems’ Long-Term Issuer Rating to BBB from A-; at the same time as placing it on Rating Watch Negative (RWN).
The downgrade displays deterioration in the liquidity profile of Jain Irrigation as a result of a delay within the realization of its receivables from its micro-irrigation systems (MIS) section, the rating agency said.
The RWN reflects the hazard of delay within the business enterprise’s deleveraging plans or an in addition growth in its working capital requirement, resulting in similarly worsening of its liquidity function, it delivered.
Overall the stock fell 34 percent this week regardless of the business enterprise’s rationalization on default in debt repayment.
“Company has no longer defaulted on any of its debt duties. Company is boom-orientated, income making, dividend paying entity,” Jain Irrigation had stated on June thirteen.
It has debt: fairness ratio of 1:1.1 and net worth of Rs 4,561 crore (inclusive of CCD), it added.
Any Indian company discovered promoting American merchandise or system to Chinese company Huawei or its units might face punitive motion, the United States has warned the Indian authorities.
The message became conveyed thru a letter sent to the Ministry of External Affairs (MEA) on May 27. It is assumed to be a part of the many US tries at trying to mount pressure on India to take action in opposition to the Chinese organization.
According to an Economic Times record, the MEA has, in flip, sought the opinion of the presidency and regulatory groups to apprehend the consequences of the USA regulations imposed on Indian companies. The External Affairs Ministry has approached the Department of Telecom (DoT), Niti Aayog, Department of Commerce, Ministry of Electronics and Information Technology and the predominant clinical adviser for the identical.
A senior government official stated as consistent with the report that the MEA has raised the subsequent inquiries to the authorities concerning the same –
To take a look at the allegation leveled by means of the US
The opportunity of the US taking movement in opposition to Indian corporations that supply US merchandise to Huawei
Views at the guidelines furnished on the 5G security conference that was held in Prague last month
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