ICRA assigns AA- credit rating to Phillips Carbon Black

The rating committee of ICRA, after due consideration, has reaffirmed the long-term rating for the captioned line of credit (LOC) of Philips Carbon Black limted at [ICRA] AA-.  The outlook on the long-term rating is revised from positive to stable.

In addition, the company also announced partial resuming of operations at several of its plants. Operations of company plants at Palej and Mundra in the state of Gujarat and at Kochi (Kerala) had partially resumed earlier, i.e. last month. The operations of plant situated at Durgapur in West Bengal have also partially resumed, adhering to the standard operating procedures/guidelines for industrial units, prescribed by the central and respective state government to prevent and contain the spread of COVID-19. However, as of now, almost all company plants across India are operating partially.

Philips Carbon Black Limited  is the largest producer of carbon black in the country as well as one of the largest players in the world, with an installed capacity of 5,71,000 MTPA of carbon black. It is also the largest exporter of carbon black from India and has a presence in more than thirty countries.

The stock of Phillips Carbon Black Limited closed at 73.75, down by 3.28 per cent or Rs 2.5 per share. The intraday high is Rs 78 and intraday low is Rs 72.95. The 52-week high is Rs 160.70 and 52-week low is Rs 54.20 on BSE.