Idea Cellular surges nearly 11% on smart Q4 earnings

Idea Cellular surges nearly 11% on smart Q4 earnings Mumbai: Shares of telecom operator Idea Cellular on Friday soared by nearly 11 percent to touch a one-year high level in early trade after the company posted 29 percent jump in consolidated net profit for the fourth quarter ended March 31, 2013.

Boosted by the smart earnings, shares of the company opened higher and further gained 10.7 percent to Rs 128.70 -- its 52-week high on the BSE.

At the NSE, the scrip surged 10.43 percent to a one-year high of Rs 128.60.

Led by the uptick in the stock, the market value of the company jumped Rs 2,950 crore to Rs 41,478 crore.

Buoyed by strong growth in voice usage and data consumption, Idea Cellular had yesterday posted 29 percent jump in consolidated net profit at Rs 308.18 crore for the fourth quarter ended March 31, 2013.

The company's net profit stood at Rs 238.98 crore in the same period last fiscal.

Given the strong performance, the company has announced a dividend for the first time in 16 years.

Total revenues during January-March 2013 quarter rose by 12.88 percent at Rs 6,061.38 crore against Rs 5,369.69 crore in the corresponding period last fiscal.

Rally in the stock outperformed the weak broader market where the BSE benchmark Sensex was trading at 19,337, down 69.85 points at 1120 hrs.

PTI