Shares of Bharti Airtel today jumped over 8 per cent, adding Rs 16,290 crore to its market valuation, despite the company posting sixth-straight quarter of drop in earnings.
The stock soared 8.19 per cent to settle at Rs 538.40 on BSE. During the day, it surged 9.41 per cent to Rs 544.50 -- its 52-week high.
On the NSE, shares of the company zoomed 8.42 per cent to end at Rs 539.10.
Led by the smart surge in the stock, the company's market valuation zoomed Rs 16,290.02 crore to Rs 2,15,220.02 crore.
In terms of equity volume, 15.82 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.
The stock was the biggest gainer among the bluechips on both the key indices during the day.
India's largest telecom company Bharti Airtel yesterday saw its consolidated net profit plunging by 76.5 per cent to Rs 343 crore for the September quarter, hit by the price war triggered by newcomer Reliance Jio.
Airtel has warned that financial stress in the industry "continues" and will be "further accentuated" by cut in call connect charges in the next quarter (October-December).
The September quarter profit is the lowest since January-March 2013 for Bharti Airtel which like other established telcos has been engaged in a fierce tariff war with Mukesh Ambani-led Reliance Jio, to wrest control of the market.
The total revenue of Airtel - which has operations in 17 countries across Asia and Africa - fell 11.7 per cent to Rs 21,777 crore during the quarter under review from Rs 24,651.50 crore in the year-ago period.
The net profit was 6.5 per cent lower compared to Rs 367 crore in the June quarter, but a whopping 76.5 per cent down over Rs 1,461 crore logged in the corresponding period of last fiscal.
The Africa market fared better with revenue rising 2.8 per cent on an underlying basis, while the operating profit margins improved over 9 per cent year-on-year buoyed by "continuous cost control initiatives".
Bharti Airtel yesterday said a few "reputed" global investors have approached it for buying a controlling stake in its mobile tower arm Bharti Infratel.
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