Shares of Care Ratings NSE 20.00 % climbed 18 percent in Wednesday's trade even as the company reported a 2.82 percent fall in consolidated profit at Rs 35.84 crore in September quarter compared with Rs 36.73 crore in the same quarter last year.

The rating agency said its net sales for the quarter rose 5.93 per cent to Rs 75.88 crore compared with Rs 71.63 crore in the corresponding quarter of last year. The operating profit margin for the quarter stood at 55.25 per cent against 50.90 percent.The company board announced an Rs 8 per share dividend.

Following the results, the stock climbed 17.95 percent to hit a high of Rs 359 on BSE.

The company said the macroeconomic environment through improving since June due to the unlock measures, is still in the negative territory, as evidenced by the growth in credit to manufacturing and services. Corporate bond issuances were higher while CP issuances lower.

MD & CEO Ajay Mahajan said that the announcement of on tap TLTROs and the government's additional spending on capex should help to revive private investment.

"We would be keenly watching whether this will lead to more differentiated issuances in the bond market which is still biased towards the financial sector," he said.