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Crisil has upgraded its ratings on the long-term bank facilities of Solar Industries India to ‘Crisil AA+/Stable from ‘Crisil AA/Positive’, and reaffirmed its rating on short-term bank facilities and commercial paper at ‘Crisil A1+’. The upgrade reflects the expectation of continued improvement in scale of operations while maintaining profitability, better geographical diversity due to significant ramp up in export and overseas business and pick up in defence business, Crisil said. Increasing revenue diversity in the domestic market with ramp up in defence business due to comfortable order book and entry into new segments such as propulsion systems for space applications will boost domestic market growth.
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