Bharti Airtel stock surges over 4%
Mumbai: Shares of Bharti Airtel on Wednesday rose by over 4 percent as it hiked rates for pre-paid services and reduced free minutes usage barely a month after hiking price of 2G data plans.
After surging nearly 5 percent during the day, shares of the telecom major finally closed at Rs 367.25, up 4.44 percent on the BSE.
At the NSE, the stock ended at Rs 367.65, up 4.55 percent from its previous close.
The scrip was the top gainer among blue-chip companies on both the key indices - Sensex and Nifty.
Idea Cellular was up 0.72 percent at Rs 118.50.
"Telecom stocks rose on the back of news that Bharti Airtel has raised mobile phone call tariffs," said Alex Mathews, Head Research, Geojit BNP Paribas Financial Services.
According to market sources, Airtel has reduced free minutes by 10 to 25 percent and has increased price of SPVs in the range of Rs 5 to Rs 15.
Another operator Idea Cellular has also withdrawn some of the promotional offers in various circles, sources said.