NEW YORK (TheStreet) -- Mobile Telesystems (MBT) shares are up 28% to $8.23 in trading on Thursday as the Russian telecommunications company benefited from a stabilized ruble today.
The Russian currency rallied against the dollar in trading today after Russian President Putin endorsed the country's central bank policy and attempted to ease investor's concerns over the sudden drop in the ruble's value.
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The currency dipped as low as $58.53 in trading today before settling at $61.59.
On Tuesday the country's central bank increased interest rates to 17% from 10.5% just four days after it raised rates from 8%. The ruble has declined over 50% this year, including a 19% drop on Tuesday.
TheStreet Ratings team rates MOBILE TELESYSTEMS OJSC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate MOBILE TELESYSTEMS OJSC (MBT) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."