Sanghi Industries has informed the exchanges that ICRA has assigned the long-term rating of (ICRA) BBB to the ₹155-crore fund based facilities of the company. The outlook on the long-term rating is stable. ICRA has also assigned the short-term rating of (ICRA) A3+ on the ₹15-crore non-fund based facilities. Shares of Sanghi Industries edged up 2.35 per cent at ₹73.90 on the NSE.
The Department of Fertilisers has agreed to grant Deepak Fertilisers and Petrochemicals Corp Ltd’s subsidy claims amounting to ₹485 crore, the company informed the exchanges on Monday. The government has been withholding subsidy claims worth ₹795 crore due to the company since June 2014. The company had challenged the withholding of the arrears in the Bombay High Court. The department has now informed the company about releasing of all subsidy arrears except ₹310 crore in the interim, which is under the Court’s purview for final award. Shares of Deepak Fertilisers and Petrochemicals ended down 1.4 per cent at ₹154.80 on the NSE.
Indo Count Industries has informed the exchanges that Cotton Egypt Association has accredited the company with Egyptian Cotton Gold Seal for being a key supplier to global retailers for Egyptian cotton sheets. Earlier, in February, Welspun had received the Egyptian Cotton Gold Seal in three product categories, part of a new DNA-based authentication program designed to rid the supply chain of falsely labelled goods. “The gold seal is authentication of high quality, genuinity and our commitment to provide the best to customers,” said Indo Count Industries in the statement. The stock slipped 0.5 per cent at ₹913.65 on the NSE.