India’s CARE Rating Agency has upgraded Jindal Stainless Hisar Limited’s (JSHL) long-term bank facilities from CARE A+ to CARE AA (-) with a stable outlook, a company statement said on Thursday, January 6.
“The rating is supported by the experience of the group and its dominant market position in the stainless steel industry. The standalone and combined business and financial risks of group company Jindal Stainless Limited (JSL) and JSHL as stated by CARE have broadly converged over the last year,” the report of the rating agency said.
“The rating reflects our perennial focus on fundamentals which is constituted of financial prudence, operational efficiencies and a healthy product mix. Despite volatility in prices of inputs, we have been able to maintain margins,” JSHL managing director Abhyuday Jindal said in the company statement.