CARE Upgrades Ratings for Emami Realty

Shares of Emami Realty NSE 7.56 % skyrocketed almost 11 per cent in early trade on Monday after the smallcap real estate player received an upgrade for its long term rating. CARE has upgraded the credit rating of the long-term bank facilities to 'BBB; Stable' from 'BBB-; Stable. Earlier this month, the company, announced the launch of two large projects in Kolkata – Emami Business Bay and Emami Astha. Speaking about the prospects of the realty sector in West Bengal, Managing Director and Chief Executive Officer Nitesh Kumar, earlier this month, expressed optimism, saying that the extension of the window for stamp duty reduction had benefited the real estate environment on the whole. "Despite a slowdown in residential property registrations in November 2021 due to less registration in small units under 500 square feet, the sharp increase since July 2021 is encouraging for both developers and buyers moving forward," Kumar was quoted as saying in reports in early December.