Panama Petrochem share price hits new LIFE HIGH post CARE Rating's upgrade - Details for stock investors

Panama Petrochem Limited shares jumped over 10 per cent, touching a new 52-week high of Rs 269.65 per share on the BSE intraday trade today on the back of rating upgrade of the company.

CARE Ratings Limited has upgraded Panama Petrochem Limited’s credit rating, on the basis of recent developments including the operational and financial performance of the company.

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The credit rating agency upgraded the rating, on long-term bank facilities of the company from CARE A- with a Stable outlook to CARE A; Stable. It also upgraded the rating, on short-term bank facilities from CARE A2+, to CARE A1, the company said in a filing to exchanges.

At around 11:00 am, the stock is trading nine per cent higher to Rs 266.40 per share on the BSE, as compared to a 0.17 per cent rise in the S&P BSE Sensex. The counter has grown over 13 per cent since July 1, 2021, while has jumped over 27 per cent in the last one month.

Panama Petrochem is one of the leading manufacturers and exporters of petroleum specialty products in India and the world, with four manufacturing hub in India and over 80 products variants.

The company reported an over ten-fold rise in the net profit to Rs 53.8 crore in the March-ended quarter of the financial year as compared to Rs 2.92 crore in the same period a year ago. While the revenue jumped around 140 per cent to Rs 434.31 crore in Q4 FY21 versus 183.35 crore in Q4 FY20.