Bharti Airtel’s stock or share price has touched a high of Rs 732.50 on Wednesday’s early trading session. Airtel’s stock saw a strong opening at Rs 725.75 which went on to touch Rs 732.50 before falling to Rs 712.40 in the red (at the time of writing). It might be a huge sell-off from traders to book profits early in the day.
If you are wondering about why there is high volatility and why Airtel’s stock is in the news, it is because the telco yesterday announced quarterly results.
Bharti Airtel’s Stock Went High Because of Positive Results
For the unaware, Bharti Airtel reported a consolidated net profit of Rs 1,134 crore for the September quarter. This figure was majorly helped by the one-time transfer of spectrum to Reliance Jio. Further, the opening up of the economy after the second wave of the COVID-19 pandemic helped as well.
In the June quarter, the telco had reported a profit of Rs 284 crore. Looking at this, Bharti Airtel has upped its profits way by almost four times during the September quarter. This is good news for the company and its investors.
At the time of writing, Bharti Airtel’s shares are trading at Rs 713, which is 0.13% in the red. Airtel had previously closed at Rs 713.95. It would be strange to see the telco’s stock falling today because of good results, but as mentioned above, it could be due to traders booking profits early morning.
Vodafone Idea’s (Idea) stock is down by 1%, trading at Rs 9.95 at the time of writing. Even Vi is expected to come out with the quarterly results very soon. It will be interesting to look at how the removal of the Rs 49 plan has affected the telco’s average revenue per user (ARPU) for the September quarter. Airtel’s ARPU jumped to Rs 153 during the July-September quarter.