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Reliance Communications Ltd gained as much as 4 percent in trade after the company reported better-than-expected Sept-quarter earnings.
India's fourth-biggest cellular carrier reported a surge in quarterly net profit, smashing analysts' estimates, lifted by higher call tariffs and reduced competition.
Reliance Communications shares were trading at 133.40 rupees, up 3.3 per cent at 9.34 am.
Reliance Communications Ltd, India's fourth-biggest cellular carrier, reported a surge in quarterly net profit, smashing analysts' estimates, lifted by higher call tariffs and reduced competition.
The Mumbai-based Reliance Communications Ltd, controlled by billionaire Anil Ambani, said consolidated net profit was 6.75 billion rupees ($106.7 million) for its fiscal second quarter to Sept. 30, helped by a provision write-back of 4.41 billion rupees.
Excluding the write-back, net profit was 2.34 billion rupees, higher than analysts' estimate of 1.46 billion rupees on average. Profit rose for the first time in five quarters.