Shares of Gayatri Projects (GPL), an infrastructure company jumped nearly 3% on Wednesday after the rating agency Care Ratings upgraded long-term bank facilities rating of the company.

The long term bank facilities rating has been revised to CARE B / Stable (Single B, Outlook: Stable) from CARE D (Single D).

The short term bank facilities rating has been revised from CARE D to CARE A4.

The revision in the rating assigned to the bank facilities of the Gayatri Projects (GPL) is on account of regularization of delays in debt servicing and subsequent improvement in liquidity.

The ratings are constrained by leveraged capital structure, stable operating income with decline in margins, moderate operating cycle, high exposure in group companies/subsidiaries in form of loans & advances and corporate guarantees.

The ratings also factor significant experience and track record of promoters in execution of construction contracts, healthy and geographically diversified order book position with long term revenue visibility, gradual increase in asset base with low reliance on sub-contracting and stable industry outlook.

Shares of Gayatri Projects are trading at Rs 42.90, up Rs 1.15, or 2.75% at the Bombay Stock Exchange (BSE) on Wednesday at 1:12 p.m.

The scrip has touched an intra-day high of Rs 43.80 and low of Rs 41.55. The total volume of shares traded at the BSE is 257,494.In the earlier session, the shares climbed 2.33%, or Rs 0.95, at Rs 41.75.

Currently, the stock is trading down 45.89% from its 52-week high of Rs 79 and above 451.61% over the 52-week low of Rs 7.75.