IFGL Refractories share price rose over 3% on December 31 after ICRA upgraded credit rating assigned for Rs 1,730 million line of credit of the company.

Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration, has upgraded the long-term rating to ICRA AA- (pronounced ICRA double A minus) from [ICRA]A+ (pronounced ICRA A plus), assigned to the Rs 1,730 million Line of Credit (LOC) of your company, the company said.

"The outlook on the long-term rating is 'Stable'. The short-term rating for the captioned LOC has been reaffirmed at ICRA AI+ (pronounced ICRA A one plus)," it added.

Shares of IFGL Refractories are trading at Rs 305, up Rs 9.95, or 3.37% at the Bombay Stock Exchange (BSE) on Thursday at 12:57 p.m.

The scrip has touched an intra-day high of Rs 324.55 and low of Rs 295.55. The total volume of shares traded at the BSE was 68,000.

The scrip has touched a 52-week high of Rs 324.55 and 52-week low of Rs 64.10 on December 31 and March 25, 2020 respectively.