Idea Cellular surges nearly 11% on smart Q4 earnings - Indian Express

Reuters : Mumbai, Fri Apr 26 2013, 11:54 hrs Shares in India's Idea Cellular Ltd rose 5.6 percent in pre-open trade. (Reuters) Shares of telecom operator Idea Cellular today soared by nearly 11 per cent to touch a one-year high level in early trade after the company posted 29 per cent jump in consolidated net profit for the fourth quarter ended March 31, 2013. Boosted by the smart earnings, shares of the company opened higher and further gained 10.7 per cent to Rs 128.70 – its 52-week high on the BSE. At the NSE, the scrip surged 10.43 per cent to a one-year high of Rs 128.60. Led by the uptick in the stock, the market value of the company jumped Rs 2,950 crore to Rs 41,478 crore. Buoyed by strong growth in voice usage and data consumption, Idea Cellular had yesterday posted 29 per cent jump in consolidated net profit at Rs 308.18 crore for the fourth quarter ended March 31, 2013. The company's net profit stood at Rs 238.98 crore in the same period last fiscal. Given the strong performance, the company has announced a dividend for the first time in 16 years. Total revenues during January-March 2013 quarter rose by 12.88 per cent at Rs 6,061.38 crore against Rs 5,369.69 crore in the corresponding period last fiscal. Rally in the stock outperformed the weak broader market where the BSE benchmark Sensex was trading at 19,337, down 69.85 points at 1120 hrs. ALSO READ Air travel map being redrawn as global economy evolves: Etihad Airways Gold up more than 1%, heads for best week in 18 months No shortage of high skilled graduates in US: Report Idea Cellular shares surge on Jan-March profit beat Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGZNDdDU-HG-b3r4FlHFen0uxSCVw&url=http://www.indianexpress.com/news/idea-cellular-surges-nearly-11--on-smart-q4-earnings/1107947/

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