ICRA has upgraded the long term rating for the bank facilities of Jamna Auto Industries (JAI) from A+ to AA-. The outlook on the long term rating is 'stable'. Also, ICRA has reaffirmed the short-term rating for the bank facilities of the company at A1+ . The rated amount is enhanced from Rs 3.45 billio to Rs 4.30 billion.

The rating upgrades considers the better than industry performance of the company supported by increased share of business with select customers as well as the current up-cycle in the domestic CV
industry.

The rating upgrade also factors in the continued improvement in the company's financial risk profile with gradual reduction in financial leverage as well as improved operational performance reflected in significant strengthening of profitability metrics in H1 2015-16.

Shares of the company gained Rs 5.7, or 3.99%, to trade at Rs 148.50. The total volume of shares traded was 228,189 at the BSE (11.06 a.m., Monday).