India Ratings & Research (Ind-Ra) has migrated Puravankara Projects (PPL) 'BBB' long-term issuer rating to the suspended category. The outlook was stable. The rating will now appear as 'BBB(suspended)' on the agency's website. The agency has also migrated PPL's Rs 5,000 million long-term debt to 'BBB(suspended)' from 'BBB'.

The ratings have been suspended due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for PPL.

The ratings will remain suspended for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a rating action commentary.

Shares of the company gained Rs 0.8, or 0.83%, to trade at Rs 97.50. The total volume of shares traded was 8,806 at the BSE (2.51 p.m., Thursday).