Bharti Airtel surges 4% after Sandard and Poor's upgrades stock to 'BBB-'

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Bharti Airtel surges 4% after Sandard and Poor's upgrades stock to 'BBB-'
Shares of telecom operator Bharti Airtel jumped nearly 5 per cent in early trade on Bombay Stock Exchange (BSE) after Sandard and Poor's upgraded telecom major to 'BBB-' on account of reduced debt and an improved regulatory environment, reported PTI.

The agency said in a statement that "it had raised its long-term corporate credit rating on Bharti Airtel Ltd to 'BBB-' from 'BB+'. The outlook is stable."

Buoyed by development, shares of company gained as much as 4.61 per cent to trade at Rs 299.00 a piece on the BSE. In a similar fashion, shares of the company advanced 3.60 per cent to Rs 296.15 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 21,691.32, up 177.45 points or 0.82 per cent at 10:10 hours.

Dion Global Solutions Ltd.

Story first published: Friday, March 7, 2014, 12:28 [IST]
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