Indian stocks extend gains; focus now on inflation data, Q4 earnings
At 9.21 am, Sensex and Nifty edged in a range of 0.1-0.2 per cent. Barring Nifty FMCG, all other sectoral indices were trading in the green.
Shares of Bharti Airtel on Tuesday zoomed 10 per cent after the company reported consolidated revenue of Rs 23,722.7 crore during the reported quarter on broad-based strength, with all segments registering healthy underlying growth.
The telco, however, posted a consolidated loss of Rs 5,237 crore for the January-March quarter of 2019-20 financial year, mainly on account of making provision for paying statutory dues.
Its stock surged 9.99 per cent to Rs 591.95 – its 52-week high – on the BSE.
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On the NSE, it jumped 9.99 per cent to its one-year high of Rs 591.85.
Bharti Airtel was the top gainer on both Sensex and Nifty during early trade.
The company said that March 2020 numbers were not comparable with prior the period due to adoption of ‘Ind AS 116’ accounting system with effect from April 1, 2019.
It posted exceptional items totalling Rs 7,004 crore during the quarter ended March 31, 2020 comprising charges on account of reassessment of regulatory cost based on a recent order on one time spectrum charge, interest on provision of license fee and spectrum usage charges, and other heads.
The company statement pegged net loss (before exceptional items) for March quarter at Rs 471 crore, and net loss (after exceptional items) at Rs 5,237 crore.
Bharti Airtel said the company has undertaken a capex investment of Rs 25,359 crore during the year to ensure strong customer experience besides front-ending some investment to ensure seamless services during the ongoing pandemic.
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