Shares of Bharti Airtel on Tuesday zoomed over 11 per cent after the company reported a consolidated revenue of Rs 23,722.7 crore during the reported quarter on broad-based strength, with all segments registering healthy underlying growth. The telecom company, however, posted a consolidated loss of Rs 5,237 crore for the January-March quarter of 2019-20 financial year, mainly on account of making provision for paying statutory dues.
Its stock surged 11.34 per cent to close at Rs 599.15 on the BSE. During the day, it advanced 12.05 per cent to Rs 603 - its 52-week high. On the National Stock Exchange (NSE), it jumped 10.80 per cent to close Rs 596.20.
Bharti Airtel was the top gainer on both the Sensex and the Nifty.
The company’s market valuation also rose by Rs 33,279.72 crore to Rs 3,26,869.72 crore on the BSE. Bharti Airtel was also boosted by rise in average revenue per user (ARPU) in its earnings report.
“Revenue grew 16 per cent quarter-on-quarter to Rs 12,950 crore, which could be attributed to strong ARPU (average revenue per user) increase,” according to a report by Motilal Oswal. In terms of traded volume, 21.10 lakh shares were traded on the BSE and over 7 crore shares on the NSE during the day.