Telecom stocks kept up investor sentiment during the mid-market session on Friday, one-day after Bharti Airtel along with Vodafone Idea posted their quarterly financial result updates.
At intraday high levels the Bharti Airtel shares advanced to Rs.395.60-per share on the NSE, whereas the Vodafone Idea stock surged to Rs.3.25-per share.
These two Telecom companies had reported a massive losses in the July-Sept quarter (Q2), due to high provisions for their outstanding govt dues.
Vodafone Idea posted a Q2 net loss of Rs.50,900-Cr in the Q2FY2019-20, while its competitor Bharti Airtel reported a consolidated net loss of Rs.23,045-crore in the corresponding quarter.
Besides, the Supreme Court had ruled out telecom companies’ plea against the govt definition of AGR (Adjusted gross revenue), allowing the telecom deptt (DOT) to recover the outstanding amount Rs.1.33-La-Cr from telecom companies Bharti Airtel, Vodafone Idea and Reliance Communications (Rcom).
At 1.40-pm Shares of Vodafone Idea Ltd was trading at Rs3.20, up by 8.47% from its previous closing of Rs.2.95 on the NSE. The stock opened at Rs2.70and has touched a high & low of Rs3.25 and Rs.2.40 respectively.
At the same time, Shares of Bharti Airtel was trading at Rs390.65, up by Rs.28.15 or 7.77% from its previous closing of Rs.362.50 on the NSE. The stock opened at Rs357.85 and has touched a high & low of Rs.395.60 and Rs.357.25 respectively.