Ind Ra upgrades Omax Autos ratings to 'IND B' with Stable outlook; Stock trades flat

25 Jul 2022 , 11:18 AM

India Ratings and Research (Ind-Ra) has upgraded Omax Autos Limited’s (Omax) Long-Term Issuer Rating to ‘IND B’ from ‘IND D (ISSUER NOT COOPERATING)’. The Outlook is Stable.

According to the rating rationale report, the upgrade reflects Omax’s regularisation of payments on its interest-free loans from Pradeshiya Industrial & Investment Corporation of U.P. Ltd. (PICUP) on January 28, 2022 from asset sale proceeds. 

The upgrade also factors in rating agency’s expectation of the company’s revenue and profitability to increase in FY23.

At around 11:20 AM, Omax Autos was trading at Rs51.95 per share down by Rs0 or 0% from its previous closing of Rs51.95 per share on the BSE.