Vodafone Idea rises after credit rating upgrade

Vodafone Idea rose 1.44% to Rs 11.97 at 10:13 IST on BSE, extending recent gains after Brickwork Ratings upgraded its credit rating on the telecom firm's non-convertible debentures.

The announcement was made after trading hours yesterday, 16 July 2019.

Meanwhile, S&P BSE Sensex was up 92.65 points or 0.24% at 39,223.69.

On BSE, 5.79 lakh shares were traded in Vodafone Idea counter, compared to a 2-week average of 161.74 lakh shares. The share price hit an intraday high of Rs 12.49 and an intraday low of Rs 11.65. It hit a 52-week high of Rs 37.45 on 24 July 2018 and a 52-week low of Rs 11.14 on 19 June 2019.

Shares of Vodafone Idea rose 6.21% in five trading sessions to its current market price of Rs 11.97, from a recent closing low of Rs 11.27 on 10 July 2019.

Brickwork Ratings has revised its credit rating on Vodafone Idea's non-convertible debentures (NCDs) to 'BWR A+ (Outlook: Negative)' from 'BWR AA- (Outlook: Negative)'.

Meanwhile, media reports suggested that Vodafone Idea has given its 10,000-odd employees an average raise of 9% and a bonus payout of 97% across levels.

On a consolidated basis, Vodafone Idea reported a net loss of Rs 3,736.32 crore in Q4 March 2019 as compared with a net loss of Rs 962.20 crore in Q4 March 2018. Net sales jumped 91.8% to Rs 11,740.60 crore in Q4 March 2019 over Q4 March 2018.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is an Indian telecom service provider. The company provides pan-India voice and data services across 2G, 3G and 4G platforms.

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