Share price of Vodafone Idea soared nearly 12 per cent on Wednesday after Care Ratings Limited upgraded its ratings and outlook of the debt-ridden telecom operator.
Trading in Vodafone Idea share started sharply higher at Rs 11.01. The scrip surged to a high of Rs 11.95 in the morning trade at the BSE, which is 11.78 per cent higher when compared with its previous day's close at Rs 10.69.
At 2.09 pm, the scrip was trading at 7.76 per cent higher at Rs 11.52.
Earlier, in a regulatory filing to the stock exchanges Vodafone Idea said "Care Ratings Limited (CARE), has upgraded its rating on Long Term Bank Facilities and Non-Convertible Debentures".
The Long Term Bank Facilities and Non-Convertible Debenture ratings have been upgraded to B plus from B minus. The outlook has been upgraded to 'stable' from 'Credit Watch with Negative Implications'.
"Additionally, new rating of CARE A4 has been assigned by CARE for Short Term Bank facilities," Vodafone Idea said.
( With inputs from ANI )
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