Nagarjuna, GIC downgraded

The overall financial position of the company as on March 31, 1999 was comfortable, though its overall gearing has increased from 1.42 as on March 31, 1998 to 1.56 as on March 31, 1999 and interest coverage declined from 1.70 in 1997-98 to 1.57 in 1998-99, it said.

The Rs 12 crore fixed deposit programme of GIC Housing Finance Ltd GICHF was also downgraded by a notch from quot;Care AAquot; high safety to quot;Care AA-quot;.

It said the recovery performance of GICHF deteriorated in 1998-99 following highdelinquencies in construction finance portfolio.