Bharti Airtel shares surge on price hike by Vodafone Idea

Telecom stocks were in focus today after price hike in select post-paid plans by Vodafone Idea. Shares of Bharti Airtel today surged 3.5% to ₹479 while Vodafone Idea rose 2% to ₹9.98. Reliance Industries also advanced 1.2% to ₹1952.

In October, Bharti Airtel Ltd chief executive Gopal Vittal had said that prices of data and voice services need to be increased as the current levels of tariff are unsustainable for the industry. Vittal, who was addressing analysts at a post-earnings conference call, did not give a timeline on the tariff hike but expressed confidence about a price rise in the future.

Bharti Airtel had clocked its highest consolidated quarterly revenue of ₹25,785 crore during the three months ended September, up 22% from a year ago. It, however, posted a consolidated net loss of ₹763 crore due to higher expenses and net finance cost.

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