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Electrosteel Castings has informed the exchanges that Credit Analysis & Research (CARE) has revised its rating of Series IV 11.00 per cent NCDs of ₹50 crore to CARE BBB+ (Triple B plus) from CARE A (Single A) due to low debt coverage indicators and tight liquidity position. Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. Shares of Electrosteel Castrings slipped 0.18 per cent at ₹27.5 on the BSE.
A2Z Infra Engineering has bagged a ₹400-crore order through its subsidiaries from South Delhi Municipal Corporation, New Delhi. The order is for integrated collection and transport of municipal solid waste and street sweeping waste for eight years in South and West Zones of SDMC. Shares of A2Z Infra surged 4.45 per cent at ₹44.55 on the BSE.
PSU major MOIL has signed a joint memorandum of understanding with the Madhya Pradesh government and Madhya Pradesh State Mining Corp to conduct exploration for various minerals. The agreement also envisages formation of a joint venture company between MOIL and Madhya Pradesh State Mining Corp in case availability of ore is proved in any area, MOIL said in an exchange filing. Shares of MOIL were up 2.94 per cent at ₹327.70 on the NSE.
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