Shares of telecom major Bharti Airtel today gained more than 1 per cent in early trade following the company's reporting over two-fold jump in consolidated net profit for its third quarter ended December 31.
The company's stock went up by 1.12 per cent to Rs 372 at the BSE. On the NSE, it rose by 0.79 per cent to Rs 371.90. However, the stock later pared all the initial gains on emergence of profit-booking and was trading lower by nearly 1 per cent on the BSE at 1200 hrs.
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Meanwhile, Bharti Enterprises Managing Director Manoj Kohli has resigned from the board of Bharti Airtel, marking his formal exit from the telecom business of the group.
Bharti Airtel had yesterday reported over two-fold jump in its consolidated net profit at Rs 1,436.50 crore for the three months ended December 2014 on the back of increased mobile data revenue. Airtel had posted a net profit of Rs 610.2 crore in the same period a year ago.
The Rs 1,436.50-crore profit is the biggest for the third quarter in the last four years, the company had said. The total revenue grew by 5.8 per cent to Rs 23,228.1 crore in the reported quarter compared to Rs 21,960.7 crore in the same period last fiscal.