MOSS 2007 Rename the Web Application Name

I want to share how to rename the web application name in command line administration of MOSS 2007 using STSADM Command.

Syntax: stsadm -o renameweb -url -newname

Example: Stsadm -o renameweb -url http://localhost/oldname -newname newname

The above command will rename the web application from oldname to the newname.