Profit before tax (PBT) in Q2 September 2020 stood at Rs 47.69 crore, an increase of 9.8% over Rs 43.42 crore in Q2 September 2019. Current tax expense during the quarter increased 37% year-on-year (YoY) to Rs 11.77 crore.

"We are seeing sequential improvement in some of the high frequency monthly economic indicators which is on expected lines as we do expect quarterly GDP growth to improve over Q1 and turn marginally positive in Q4,” said Ajay Mahajan, MD & CEO of CARE Ratings.

“The announcement of on-tap TLTROs and the government's additional spending on capex should help to revive private investment and we would be keenly watching whether this will lead to more differentiated issuances in the bond market which is still biased towards the financial sector,” he added.

The company's board has recommended interim dividend of Rs 8 per share.

The scrip hit an upper circuit of 20% at Rs 365.20 on the BSE. It traded in the range of 332 and 365.20 so far during the day.

The counter of CARE Ratings witnessed volume of 2.8 lakh shares, a 18.52 times surge over two-week average daily volume of 15115 shares.

CARE Ratings operates as a credit rating agency.