Bharti Airtel, Idea Cellular Lift Stocks

Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 5:08 PM EDT April 25 2008

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Stocks in India closed higher on earnings and despite rising inflation. Bharti Airtel gained 9% to 920.10 rupees and led gainers in the Sensex index. The company reported 39.3% rise in net profit to 1,792.30 crore rupees on 41.8% increase net revenues to 7,446.82 crore rupees in the fourth quarter. Ideal Cellular rose 4.7% to 107.80 rupees. The company posted 44.6% rise in net profit to 278.20 crore rupees on 50.7% increase in net sales to 1,972.40 crore rupees in the fourth quarter.

Reliance Update

Reliance Communications surged 8.9% to 580 rupees. According to news reports, the company has acquired 90% stake in UK-based WiMax operator eWave World.

Reliance Communication said it will invest $500 million in eWave to build and acquire WiMax networks in the emerging markets of Asia, Europe, Latin America and Africa.

Reliance Industries was up 1.7% to 2,625.05 rupees. The company has got approval from the government for its oil and gas development plan at a field in its D6 block off the East Coast of Mumbai.

Reliance Industries said the field is estimated to produce 40,000 barrels of oil and 240 to 350 million cubic feet of gas per day from second half of 2008.

Reliance Energy closed up 4.5% to 1,364.80 rupees.

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