NEW DELHI: 31 Jul, 2013(7STARNEWS)Telecom stocks posted impressive gains in a weak market on Wednesday after Bharti AirtelBSE 7.30 % posted adjusted revenues as well as EBITDA which came better than street expectations, lifting outlook for other telecom players.
Telecom stocks rallied smartly, led by a 10 per cent rally in Reliance Communications, while Idea CellularBSE 7.85 % jumped to its fresh 52-week high of 170.75 ahead of their quarterly results due on Thursday.
Bharti Airtel was the top most gainer on the BSE benchmark index, up 7.3 per cent. The stock closed at Rs 344.90.
Reliance CommunicationsBSE 10.14 % closed 10.14 per cent higher at Rs 139.60. It hit a low of Rs 122.35 and a high of Rs 142.20 in trade today.
Idea Cellular ended 7.8 per cent higher at Rs 169. The stock rallied nearly 9 per cent to touch its fresh 52-week high of Rs 170.75 in trade today.
Idea Cellular, an Aditya Birla group company, is expected to report 31.5 per cent QoQ jump in the net profit to Rs 405 crore for the quarter ended June 30, compared to Rs 308 crore reported in the previous quarter, according to ET Now estimates.
Revenues are expected to rise by 4.9 per cent QoQ to Rs 6,359.10 crore compared to Rs 6061.40 crore reported in the year ago period.
For Reliance Communications Ltd, the net profit is expected to fall by 24 per cent QoQ for the quarter ended June 30 to Rs 229.90 crore, compared to Rs 303 crore reported in the previous quarter, according to ET Now estimates.
However, revenues are expected to rise by 3.2 per cent QoQ to Rs 5,578 crore compared to Rs 5404.90 crore reported in the year ago period.
News From: http://www.7StarNews.com
Wednesday, July 31, 2013
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