Ramco Industries get p1 plus

P1 plus rating has been assigned to the Rs. 33 crore (enhanced from Rs. 25 crores) commercial paper programme of Ramco Industries. The rating derives strength from the cost competitiveness of Ramco's asbestos division vis-a-vis other players and increase in the company's profitability and market share despite sluggish conditions. The rating also positively factors in the extinguishing of all guarantees given to Ramco Systems and the company's comfortable financial risk profile.

Ramco Industries is a part of the South-based Ramco group of companies. The company which was originally set up for the manufacture of fibre cement sheets and pressure pipes had diversified into textiles and software. The software division was later spun off into a separate company.

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Section  : Business
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