Bharti Airtel up 2% on BSE on better Q3 result
Shares of Bharti Airtel gained over two percent in the early trade on the weak Bombay Stock Exchange on Friday, after the company reported a over two percent growth in quarterly net profit.
Mumbai, Jan 22: Shares of Bharti Airtel gained over two percent in the early trade on the weak Bombay Stock Exchange on Friday, after the company reported a over two percent growth in quarterly net profit.
The scrip opened weak at Rs 317 but rebounded soon after the quarterly figures were announced. The scrip rose 2.37 percent over previous close to Rs 329.80 on the BSE.
Shares of Bharti were later quoting at Rs 323.10, up 0.29 percent on the BSE.
The country`s top mobile operator today reported a 2.3 percent growth in net profit at Rs 2,209 crore for the third quarter ended December 31, 2009.
Total revenues of the company increased to Rs 9,772.20 crore during the third quarter from Rs 9,633.4 crore in the year-ago period.
Analysts said the street had been expecting the revenues to be hit by the price war, but Bharti reported a better then expected quarterly figures which saw buying in the counter.
On the National Stock Exchange, after a weak opening Bharti gained 2.36 per cent to a high of Rs 330.00.
Boosted by good quarterly number, Bharti Airtel defied broader market trend, which saw the Sensex shedding over 380 points to 16,657.37 points in early trade.
The shares in telecom companies had seen huge investor demand last years, but the tariff war between operators late last year made investors jittery and they started exiting positions.