The stock appreciated by 33 per cent from Rs 44.80 to Rs 59.70 and saw more than eight-fold rise in the total trading volumes on BSE.
The turnover on the exchange zoomed by 670 per cent. A total of 4.72 crore equity shares changed hands last week compared to 61 lakh shares in the previous week.
The company provides cellular services in Punjab and Karnataka and has signed licence agreements with Department of Telecommunications (DOT ) for commencing GSM operations in four additional circles, viz. Delhi, Haryana, Maharashtra and Andhra Pradesh.
The company has accounted for expenditure of Rs 4,90.08 crore (including license fee paid for new circles) as preoperative expenses.
The company reported a net loss of Rs 36.50 crore in the first quarter ended March, 2008, against Rs 14.67 crore in the same quarter last year. The net sales increased by 39 per cent to Rs 299.82 crore (Rs 216.16 crore) during the quarter.
The Ministry of Communications and Information Technology has earmarked 4.4+4.4 MHz frequencies in 1800MHz GSM band in the company's Andhra Pradesh service area.