CRISIL reaffirms ratings of HMA Agro - Details

CRISIL Ratings Limited, a credit rating agency, vide its letters dated April 5, 2024 has re-affirmed CRISIL A-/Stable rating on the enhanced long-term bank facilities of HMA Agro Industries Ltd.

CRISIL said that the rating continues to reflect the established market position and healthy financial risk profile of the HMA group. "These strengths are partially offset by low operating profitability," it added.

CRISIL Ratings has combined the business and financial risk profiles of HMA and its wholly-owned subsidiary, United Farm Products Pvt Ltd (UFPPL). These companies, together referred to as the HMA group, have common management and operational and financial linkages.

Shares of HMA Agro Industries were last trading in BSE at Rs 68.02 as compared to the previous close of Rs 69.28. The shares of HMA Agro, which has a market cap of Rs 3,406.24, have a 52-week high of 84 and a 52-week low of Rs 48.51.

Meanwhile, the Indian stock market gears up for a cautious opening on Friday, as the aftermath of high inflation and deferred rate cut expectations in the US market. On Wednesday US markets tumbled after inflation data delayed rate cuts hopes beyond June.

The US stocks fell sharply on Wednesday after hotter-than-expected inflation numbers. The Dow Jones Industrial Average was down about 423 points, or 1.1 per cent to 38,461.51. The S&P 500 was down nearly 1 per cent to 5,160.64. The Nasdaq Composite closed 0.8 per cent down at 16,170.36 on Wednesday.

"There will be an impact on Indian market as seen in the US markets on Wednesday evening and in Asian markets on Thursday morning. US inflation coming ahead of estimates lead to a fall in the US markets and rise in US bond yields. Asia has followed with major markets that are open on Thursday being lower and Asian bond yields being up," said Ajay Bagga, banking and market expert.

The latest U.S inflation data reveals that March inflation figures have surpassed expectations, escalating to 3.5 per cent as against 3.2 per cent in February on an annual basis, thereby constraining the Federal Reserve's ability to implement rate cuts as previously anticipated.

With PTI inputs