Bharti Airtel's Stock Surges on Strong Earnings

Latest developments:

Bharti Airtel, India's leading telecom operator, has reported strong financial results for the quarter ended June 2024, leading to a significant surge in its stock price.

Financial performance:

The company reported a net profit of Rs. 10,423 crores for the quarter, representing a growth of 15.2% year-on-year. Its revenue also increased by 11.5%, reaching Rs. 32,805 crores during the period.

Key drivers:

The growth was primarily driven by Airtel's mobile and broadband businesses. The company added over 5 million new mobile subscribers during the quarter, taking its total customer base to over 320 million. Airtel also expanded its 4G network to cover 90% of India's population, resulting in increased data usage and revenue.

Stock price reaction:

Following the release of the financial results, Bharti Airtel's stock price surged by over 4% in early trading. The stock is currently trading at Rs. 1,480 per share on the National Stock Exchange (NSE) and is expected to continue rising in the coming days.