Rating agency ICRA has upgraded the rating of Gulf Oil Lubricants India. The company gave this information after the market closed on Monday. In the information sent to the stock market, the company said that ICRA has upgraded its long term fund based cash credit rating. At the same time, the short term rating has been retained. On Monday, the stock closed at 1074 with a decline of 1.4 percent.

What information did the rating agency give?

The rating agency has upgraded the company's long term fund based cash credit rating of Rs 92 crore from ICRA Double A Stable to ICRA Double A Plus Stable. At the same time, the company's short term fund based and non fund based has been retained at ICRA A One Plus. The rating agency has given its rating on instruments worth Rs 632 crore in total. The rating agency said that due to the increase in vehicle sales and strong brand with strong distribution network, the demand for the company's products will remain in the coming time, due to which the company's credit profile can see further strong improvement. Along with this, the company's financial profile is also strong. For this reason, the rating has been upgraded. How was the stock performance? On Monday, Gulf Oil's stock closed at 1074 with a decline of 1.4 percent. The highest level of the stock for the year has been 1510. At the same time, the lowest level is 610. The stock has been witnessing a continuous decline since November 6. On November 6, the stock was trading above 1250. That is, in less than two weeks, the stock has fallen by more than 14 percent.