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Shares of India’s third-biggest telecoms carrier Idea Cellular Ltd rose as much as 4.4 per cent to Rs 71.85 in its biggest intra-day percentage gain since January 5.
At about 10.45 am, the stock was quoting at Rs 69.10, up Rs 0.30 or 0.44 per cent, off from its morning highs.
The company's March-quarter loss widened to Rs 962 crore ($144.4 mln), but was smaller than analysts' average estimate of Rs 1,496 crore.
Motilal Oswal analysts wrote that EBITDA surprised positively, network and spectrum charges were down q/q.
Jefferies says it was a muted quarter in which multiple one-offs lead to reported beat; retaining “underperform” with price target of Rs 68. Of 24 brokerages that cover the stock, eight rate “buy” or higher, six “hold” and 10 “sell” or lower; their median price target is Rs 91.
Up to Friday's close, stock had fallen 36 per cent this year.
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