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Our Bureau

Lot of public issues in the pipeline

Mumbai, June 14

The stock of rating agencies Crisil and ICRA were amongst the top gainers on the BSE today on account of increased opportunities relating to IPO ratings, with a number of IPOs in the pipeline.

The stock of Crisil Ltd was up 2.35 per cent at Rs 3165.55, while the stock of ICRA Ltd soared 13.89 per cent to close at Rs 909.

"The reason for the interest in both ICRA and CRISIL is common. They both have a lot of opportunities when it comes to rating of IPO's. The only difference between the two is the size of operations," said Mr Sarika Lohra, banking analyst, Angel Broking.

Global rating majors Standard & Poor's is the majority stakeholder in Crisil Ltd, while Moody's is the single biggest stakeholder in ICRA Ltd.

Mandatory rating

SEBI had announced that all companies filing their draft red herring prospectus from May 1, 2007 would have to get their IPO's graded. Therefore, the benefits of the rating come in now.

The stock of ICRA Ltd was down 3.27 per cent month-on-month but has been gaining ground steadily for the past week. According to analysts, today's surge in the stock price is also due memorandum of understanding with Corporation Bank that was announced today.

According to the agreement, ICRA will assign ratings to small-scale industries and Small and Medium Enterprises that are borrowers of Corporation Bank.

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