Share of Tata Steel Limited (TSL) rose 2.4 per cent to hit an intraday high of Rs 1,218.45 on BSE after rating agency CARE Ratings upgraded the long-term credit rating of the company to 'CARE AA+' with a stable outlook from 'CARE AA' with a negative outlook. "The revision in rating and outlook assigned to the instruments of Tata Steel Limited (TSL) factors in the improvement in performance witnessed during FY21, sequentially from Q2-FY21 onwards, particularly in Indian operations, on the back of revival in demand and increased steel prices leading to substantial cash flow generation and sizeable deleveraging at the end of FY21 resulting in improvement in debt coverage indicators," the rating agency said. The stock has gained 251 per cent in the last one year and risen 88 per cent since the beginning of this year. It opened 0.19 per cent higher at Rs 1,192.00 against the previous close of Rs 1,189.75 on BSE.