Idea Cellular gains as CARE revises ratings upwards

Idea Cellular rose 1.65% to Rs 181.90 at 15:21 IST on BSE after credit rating agency CARE revised upwards the credit rating assigned to the long term bank facilities and NCD issue on review of recent developments.

Idea Cellular rose 1.65% to Rs 181.90 at 15:21 IST on BSE after credit rating agency CARE revised upwards the credit rating assigned to the long term bank facilities and NCD issue on review of recent developments.

The announcement was made during market hours today, 2 July 2015.

Meanwhile, the BSE Sensex was down 87.0 points, or 0.31%, to 27,933.27

On BSE, so far 2.13 lakh shares were traded in the counter, compared with an average volume of 4.87 lakh shares in the past one quarter.

The stock hit a high of Rs 183.50 and a low of Rs 179.95 so far during the day. The stock hit a record high of Rs 203.90 on 17 April 2015. The stock hit a 52-week low of Rs 132.15 on 8 July 2014.

The stock had outperformed the market over the past one month till 1 July 2015, rising 3.92% compared with 0.62% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 5.47% as against Sensex's 0.85% decline.

The large-cap telecom company has an equity capital of Rs 3598.71 crore. Face value per share is Rs 10.

Credit rating agency CARE on review of recent developments including operational and financial performance of Idea Cellular for FY 2015, on 30 June 2015 revised the credit rating assigned by it to the long term bank facilities and NCD issue from 'CARE AA' (Double A) to 'CARE AA+' (Double A Plus) and has re-affirmed rating of CARE A1+ (A One Plus) to the short term bank facilities and commercial paper issue.

Idea Cellular's consolidated net profit rose 59.7% to Rs 941.77 crore on 21.4% growth in total income to Rs 8608.91 crore in Q4 March 2015 over Q4 March 2014.

Idea Cellular is the third largest wireless operator in India. It is part of Aditya Birla Group.

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