Bharti Airtel hits 10-year high

Telecom giant, Bharti Airtel’s Q2 managed to attract swarms of investors during Wednesday’s trade as the company posted a significant increase in profits from Africa operations despite dismal Q2 performance of its India operations. 

The stock hit its 10-year high on Wednesday, following the announcement of its Africa business performance. The company’s Africa operations recorded a 7.2  per cent  increase on a quarterly basis. EBITDA grew by 23.7  per cent  to Rs. 1,684.1 crore during the corresponding period, while the margin expanded by 32.3  per cent  in the quarter. The net profit of the company from Africa operations grew by 6.6  per cent , however, revenue lowered by 0.8  per cent . 

Bharti  Airtel,  hit an intraday high of Rs. 544.50 per share, higher by 9.4  per cent  on BSE. The stock hit an intraday low of Rs. 509.45 per share on BSE on Wednesday. It also reported a spurt in volume by more than 2.48 times. At 1250 hours IST, the stock was trading at Rs. 543.50 per share, higher by 9.21  per cent  on BSE.