Bharti Airtel (up 5% at Rs 425), Reliance Communications (4% at Rs 18.65) and Idea Cellular (2% at Rs 72.75) have rallied up to 5% on the BSE in intra-day trade. On comparison, the S&P BSE Sensex was trading 0.21% lower at 34,544 points at 10:17 am.
The TDSAT on Tuesday imposed an interim stay on the clauses of the Trai’s order relating to reporting requirements and the new definition for ascertaining “significant market power” (SMP). The tribunal did not, however, grant a stay on the whole regulation on predatory pricing, the Business Standard reported. CLICK HERE TO READ FULL REPORT
Bharti Airtel was quoting higher for the seventh straight trading days. The stock was up 5% to Rs 425 today, rallied 13% since April 16, 2018.
Bharti Airtel has reported a better than expected March quarter (Q4FY18) results with Rs 830 million consolidated net profit against an average analyst estimate of Rs 1,540 million loss. The company had net profit of Rs 3.73 billion in the same quarter last financial year.
Consolidated Ebitda (earnings before interest, tax, depreciation and amortization) margin decreased by 0.6% to 35.8% in the quarter as compared to 36.4% in the corresponding quarter last year.
“Africa reported strong metrics and held Ebitda flat in a seasonally weak quarter. Africa interest cost in Q4 was nil (should revert to the usual US$ 50 million run rate), helping net profit stay positive. Bharti remains at least a quarter away from a recovery,” analysts at IIFL Institutional Equities said in result review with maintain ‘buy’ rating on the stock.