Vodafone Idea zooms 10% amid heavy volumes on ratings upgrade by CARE

Improvement in the industry dynamics post telecom reforms announced by the government, which addressed the liquidity woes of the sector, led to the upgrade said Care Ratings.

Shares of Vodafone Idea (VIL) soared 10 per cent to Rs 11.75 on the BSE in Wednesday’s intra-day trade on the back of heavy volumes after Care Ratings (CARE) upgraded its rating on the company’s long term bank facilities and non-convertible debentures (NCD). The rating agency also assigned a 'stable' outlook.

At 09:51 am; the stock traded 7 per cent higher at Rs 11.48, as compared to 0.92 per cent rise in the S&P BSE Sensex. A combined 198 million equity shares changed hands at the counter on the NSE and BSE in first 35 minutes of trade.