ICRA retains AA- Positive outlook on HG Infra facilities worth Rs 4,900 cr

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HGINFRA · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+3.1%Reaction day

₹634.70

prior close

₹656.00

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)+3.7%-0.7% vs market

Civil Construction peers, median of 94sector+1.8%+1.2% vs sector

On the reaction day the stock moved 0.7 pts less than Nifty Microcap 250 and 1.2 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-1.3

10m

-1.1

15m

-0.9

30m

-1.2

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+3.1+3.7-0.7+1.8+1.2

Next day

+4.8+5.1-0.3+3.2+1.6

+2.0+4.0-2.0+2.6-0.6

+1.5+3.2-1.7+1.3+0.2

+9.0+5.9+3.1+4.1+5.0

+8.7+6.9+1.8+5.1+3.6

+5.6+5.9-0.2+4.1+1.5

15d

-10.5+2.1-12.6-1.3-9.2

-20.4-3.5-17.0-5.1-15.3

-23.0-4.2-18.7-7.3-15.6

-5.3+10.9-16.2+4.6-9.9

UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 94Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

ICRA has maintained its AA- rating with Positive outlook on HG Infra Engineering's facilities worth Rs 4,900 crore: Rs 700 crore cash credit, Rs 3,800 crore bank guarantees, and Rs 400 crore NCDs. The review follows CBI and ACB searches on January 21, 2026, and four employees taken into judicial custody on bribery charges. Despite these events, ICRA kept ratings unchanged and the outlook Positive.

Likely market impact

Rating stability despite bribery probe and CBI searches is reassuring, but legal overhang and investigation outcomes remain key risks for investors.