Bharti Airtel surges over 7%, m-cap up Rs 9,374 cr
Mumbai: Shares of Bharti Airtel Wednesday jumped over 7 percent, adding Rs 9,374 crore to its market value, after the company posted better-than-expected results.
After surging 8.35 percent to Rs 348.30 in intra-day trade, the stock finally ended at Rs 344.90, up 7.30 percent from its previous close on the BSE.
On the NSE, the stock settled 7.51 percent higher at Rs 345.20. The market value of the telecom firm rose by Rs 9,374 crore to Rs 1,37,870 crore.
The scrip was the top performer on both the key indices -- Sensex and Nifty.
Analysts said that Bharti's scrip rallied after the company's profit fell less than forecast.
"For Q1 of FY 2014, Bharti Airtel's adjusted revenues as well as EBITDA came better-than-expectations while bottomline was below our expectations due to higher taxes.
"Bharti continues to be our preferred pick amongst telcos due to its low-cost integrated model (owned tower infrastructure), established leadership in revenue and subscriber market share," said Ankita Somani, Research Analyst-IT & Telecom, Angel Broking.
Telecom major Bharti Airtel today reported 9.6 percent drop in consolidated net profit to Rs 688.9 crore in the first quarter ended June 30, 2013, mainly due to depreciation in the rupee and higher taxes.
The company posted a profit of Rs 762.2 crore during the same period a year ago.
Its total income increased 9.3 percent to Rs 20,299.5 crore during the quarter from Rs 18,570.3 crore a year earlier.