Bharti Airtel shares jumped nearly 7 percent on Thursday to eye a new all-time high, continuing their winning run after a day's breather. The stock came within striking distance of a fresh 52-week high.
On BSE, the stock rose to as high as Rs 614 — its highest intraday level recorded since February 4. The stock also surpassed the Rs 600 apiece mark for the first time since then.
At that level, Airtel shares came less than 1.5 percent of their existing 52-week peak of Rs 623, hit on February 4, 2021.
After market hours on Tuesday, the telecom major had reported a net profit of Rs 283.5 crore over revenue of Rs 26,854 crore for the quarter ended June 30.
Analysts in a CNBC-TV18 poll had expected the company to post a net profit of Rs 350 crore for the April-June period.
At noon, the Airtel stock traded 6.55 percent higher at Rs 611.80 apiece on BSE, outperforming the headline S&P BSE Sensex index, which was up 0.09 percent at 54,418.38. Airtel shares also outperformed the sectoral S&P BSE Telecom index, which was up 4.66 percent.
Airtel shares have risen 12.74 percent so far this year, while the S&P BSE Sensex has given a return of 14.29 percent.
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Meanwhile, Vodafone Idea was the top laggard in the pack on Thursday, slumping as much as 24.54 percent to quote at Rs 4.55 apiece at the weakest level recorded during the session. The continuous fall in the stock continued after Kumar Mangalam Birla stepped down as Non-Executive Chairman and Director of the Vodafone-Idea board.
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The country's telecom space has been marred with breakneck competition wherein heavily indebted players are seeking relief in their adjusted gross revenues (AGR)-related dues owed to the telecom department.
(Edited by : Ajay Vaishnav)
First Published: IST