MTNL shares spurt 6% after Care Ratings upgrades long-term debt rating

Shares of Mahanagar Telephone Nigam Limited (MTNL) rallied up to 6.34 per cent at 58.49 per share on the BSE in Wednesday’s intraday deals. MTNL share price surged after the domestic credit rating agency CARE Ratings upgraded its long-term debt instruments (bonds issue) of MTNL to ‘CARE AAA’, and simultaneously removed the rating watch with negative implications and assigned a ‘Stable’ outlook.