Telecom stocks rally on strong Q2 operational performance

NEW DELHI : The BSE Telecom index was up 7% on Friday in the afternoon trade, tracking strong operational performance of the telecom companies in the second quarter ended September 30. At 1320, Bharti Airtel shares were trading at ₹386 a piece, 6.5% up from the previous close. Vodafone Idea shares were 4% at ₹3.08 per share. Bharti Infratel stock was 5.7% up at ₹220.55 per share.

While Vodafone Idea’s September quarter loss of ₹50,921 crore was its biggest, the company’s revenue from operations surged more than 37% at ₹10,844 crore in the same quarter last year.

While provisions of ₹28,450 crore forced Bharti Airtel to report a loss of ₹23,044 crore in July-September, its second quarterly loss in 14 years and also its highest ever, the company’s consolidated revenue from operations grew 4.9% from a year earlier to ₹21,131 crore in the last concluded quarter.