ICRA has also re-affirmed the rating at [ICRA] A1+ (pronounced ICRA A one plus) assigned to the Commercial Paper programme of DNL.

Further, ICRA has upgraded long term rating from [ICRA] BBB (pronounced ICRA triple B) to [ICRA] A- (pronounced ICRA A minus) and the short-term rating from [ICRA] A3+ (pronounced ICRA A three plus) to [ICRA] A2+ (pronounced ICRA A two plus) to Deepak Phenolics , Wholly owned subsidiary of DNL.