Shares of Vodafone Idea rose over 7 per cent on Friday after the telco posted significant narrowing of losses to about Rs 7,218 crore for the September quarter.

The stock rose by 6.44 per cent to Rs 8.92 on the BSE while on the NSE, it jumped 7.18 per cent to Rs 8.95.

The company’s losses in Q2 FY20 had been at a staggering Rs 50,921.9 crore after it provisioned for Supreme Court mandated statutory dues.

The gross revenue for the quarter under review, came in at about Rs 10,791 crore, marginally lower than the same period of the previous year.

The revenue was, however, 1.2 per cent higher when compared sequentially, and the company noted that the impact of the nationwide COVID-19 lockdown has gradually started to ease.

Realisation measured in average revenue per user (ARPU) – a key metric for telecom firms – improved to Rs 119 in Q2 FY21 from Rs 114 in the June quarter.

Its Q2 loss at Rs 7,218.2 crore was lower even on a quarter-on-quarter basis.

The results came after market hours on Thursday.