Latest News | Vodafone Idea Shares Jump Nearly 5 Pc After Q2 Earnings

New Delhi, Oct 30 (PTI) Shares of Vodafone Idea on Friday gained nearly 5 per cent after the company reported significant narrowing of losses to about Rs 7,218 crore for the September quarter.

The stock rose 4.42 per cent to close at Rs 8.75 on the BSE. During the day, it gained 6.44 per cent to Rs 8.92.

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On the NSE, it jumped 4.79 per cent to close at Rs 8.75.

In traded volume terms, 939.19 lakh shares were traded at the BSE and 41.75 crore units on the NSE during the day.

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The company's losses in the second quarter of financial year 2020 had been at a staggering Rs 50,921.9 crore after it provisioned for Supreme Court mandated statutory dues.

The gross revenue for the quarter ended September 30, 2020, came in at about Rs 10,791 crore, marginally lower than the same period of the previous year.

The revenue was, however, 1.2 per cent higher when compared sequentially, and the company noted that the impact of the nationwide COVID-19 lockdown has gradually started to ease.

Realisation measured in average revenue per user (ARPU) -- a key metric for telecom firms -- improved to Rs 119 in the second quarter of financial year 2021 from Rs 114 in theJune quarter.

Its second quarter loss at Rs 7,218.2 crore was lower even on a quarter-on-quarter basis.

The results came after market hours on Thursday.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)