Recently, India Ratings & Research (Ind-Ra) has upgraded NCC's long term issuer rating to IND A- from IND BBB+ and maintained a stable outlook. Going forward, this should help the company reduce the cost of borrowing leading to interest cost savings, which could improve its profitability. The blended borrowing cost for NCC as of Q3FY17 was at ~11.3% vs. 11.8% in Q2FY17. Also, the company expects to bring down its debt to ~| 1900 crore by FY17 end from | 2042.7 crore in Q3FY17 with improvement in working capital and money to be received from its...