The stock was the biggest gainer among the bluechips on both the key indices during the morning trade.
Shares of Bharti Airtel on Wednesday surged 9.5 per cent even as the company posted sixth straight quarter of drop in earnings as its consolidated net profit plunged 76.5 per cent for the September quarter. After making a positive opening, shares of the company further jumped 9.41 per cent to Rs 544.50 - its 52-week high - on BSE. At NSE, shares of the company gained 9.49 per cent to touch its one-year peak of Rs 544.40.
The stock was the biggest gainer among the bluechips on both the key indices during the morning trade.
Bharti Airtel, country's largest telecom player, has posted 76.5% decline in its consolidated net profit at Rs 343 crore for the quarter ended September this year, after disruptive pricing unleashed by new player Reliance Jio.
For the same quarter last fiscal, the net profit stood at Rs 1,461 crore. The revenues declined 11.7% to Rs 21,777 crore during July-September quarter from Rs 24,651.50 crore in the year-ago period.
Since the entry of Mukesh Ambani owned Reliance Jio in the telecom sector last year, the existing players have seen a massive tariff war leading to declining margins and profits for them.
"The financial stress in the industry continues due to double-digit revenue decline and will be further accentuated by the reduction in IUC (interconnect usage charges) rates in the next quarter. This will eventually force operator consolidation and exits as the industry has witnessed in the recent past," Gopal Vittal, MD and CEO, India and South Asia, Bharti Airtel said in a statement.
"Airtel remains committed to its goal of increasing revenue market share in this competitive environment by providing superior customer experience and strategically investing behind building more data capacities," Vittal said.
The standalone revenues for the quarter just ended, at Rs 21,777 crore, represented a year-on-year drop of 10.4% (reported drop of 11.7%) on an underlying basis (that is adjusted for Africa- and Bangladesh-divested operating units and tower assets sale).
India revenues for the September quarter at Rs 16,728 crore have declined 13% over the year ago period, led by mobile drop of 16.8%. Mobile market continues to experience value erosion and financial stress led by competitive pressures, according to the company.
The company s consolidated net debt rose to Rs 91,480 crore against Rs 87,840 crore in the previous quarter. Net debt excluding the deferred payment liabilities to the telecom department and finance lease obligations increased by Rs 2,554 crore sequentially in the quarter, the company added.
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