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Bharti Airtel gains on buzz of hike in 2G data rates
Bharti Airtel rose 1.24% to Rs 334.40 at 12:07 IST on BSE on reports the company has increased the price of its 2G data plan by 25%.
Meanwhile, the BSE Sensex was up 40.14 points or 0.2% at 19,782.66
On BSE, 1.15 lakh shares were traded in the counter as against average daily volume of 3.84 lakh shares in the past one quarter.
The stock hit a high of Rs 336.30 and a low of Rs 331.35 so far during the day. The stock had hit a 52-week high of Rs 400.90 on 3 February 2012. The stock had hit a 52-week low of Rs 238.50 on 30 August 2012.
The stock had outperformed the market over the past one month till 8 January 2013, rising 2.42% compared with the Sensex's 1.64% rise. The scrip had also outperformed the market in past one quarter, surging 22.27% as against Sensex's 5.52% gain.
The large-cap company has equity capital of Rs 1898.76 crore. Face value per share is Rs 5.
As per reports, Bharti Airtel has increased the price of its 1GB 2G data plan by 25% and Airtel 2G customers will now have to pay Rs 125 for 1GB of data, which was Rs 100 earlier. The company has also reportedly decided to increase both data and voice prices in the future in line with the rise in cost structure. The move is in a series of steps where telecom companies have hiked their call tariffs in the recent months in a bid to improve their margins.
Bharti Airtel's consolidated net profit fell 29.8% to Rs 721.20 crore on 17.4% growth in net sales to Rs 20273.20 crore in Q2 September 2012 over Q2 September 2011.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce.
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