India Ratings & Research (Ind-Ra) has affirmed SRF long-term issuer rating at 'AA' with a negative outlook. Also, the agency has withdrawn the 'AA' rating on the company's Rs 1,500 million non-convertible debenture programme as it has been paid in full.

The affirmation reflects the successful completion of SRF's first phase of capex for its chemical complex at Dahej, Gujarat and the commencement of operations of its packaging film units at Thailand and South Africa.

SRF does not have any major capex planned over the next two years when Ind-Ra expects it to consolidate its operations. The capex in the company's specialty chemical business could be customer-driven, requiring SRF to set up flexible and dedicated plants to produce newer molecules.

Shares of the company gained Rs 13.35, or 1.93%, to trade at Rs 704.10. The total volume of shares traded was 34,968 at the BSE (12.06 p.m., Wednesday).