NBFC stock Mufin Green hits 10% upper circuit after ACUITE ratintg upgrade

NBFC stock Mufin Green Finance has been on an uptrend since the early morning session. This positive trend in the stock's performance indicates a strong market sentiment and investor confidence in Mufin Green Finance. Mufin Green Finance share price today opened with an upside gap at ₹129 on NSE and soon touched an intraday high of ₹131.34 apiece, logging an intraday gain of 10 percent against the Friday's close of ₹119.40 per share. While climbing to this intraday high, the NBFC stock also locked in a 10 percent upper circuit. While locking in the upper circuit on Monday, the NBFC stock touched the upper circuit for the third straight session, as the scrip has been touching the upper circuit since Thursday last week. The circuit-to-circuit stock had touched a lower circuit on Tuesday and Wednesday last week.

Mufin Green Finance rating upgrade

The NBFC stock has been touching the upper circuit after the financial company informed the Indian stock market's bourses about the rating upgrade by ACUITE. This upgrade is a significant development for Mufin Green Finance, as it reflects the company's improved financial health and creditworthiness. The small-cap NBFC company informed about the rating upgrade saying, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we at this moment intimate that Acuite Ratings & Research Limited, vide its rating rationale dated June 06 2024 has upgraded the ratings awarded to the Company on bank facilities, NCDs and Bonds at ACUITE BBB+ | Stable (From ACUITE BBB | Stable)."

The NBFC company went on to add that its' Book Loan Facilities for ₹270 crore have been assigned 'ACUITE BBB+ | Stable | Upgraded' for the long term. This upgrade in the rating of the company's loan facilities is expected to lower the company's borrowing costs and improve its access to capital. Similarly, its proposed bonds for ₹100 crore have been assigned 'ACUITE BBB+ | Stable | Upgraded' for the long term, which is likely to make the bonds more attractive to investors. This is a positive development for the company, as it indicates a higher level of confidence in the company's ability to meet its financial obligations.

The company's Non-Convertible Debt (NCDs) for up to ₹60 crore have been assigned 'ACUITE BBB+ | Stable | Upgraded' for the long term. The company's Proposed Non-Convertible Debt for up to ₹90 crore has also been assigned 'ACUITE BBB+ | Stable | Upgraded' for the long term.

This ACUITE rating will expire on April 25, 2025, or the day when ACUITE takes the next rating action, whichever is earlier.

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