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Idea slips to 52-week low level on dismal Q2 earnings

Idea slips to 52-week low level on dismal Q2 earnings
PTI
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First Published: Tue, Oct 21 2008. 11 55 AM IST
Updated: Tue, Oct 21 2008. 11 55 AM IST
Mumbai: A day after Idea Cellular posted dismal second quarter results, shares of the Aditya Birla Group firm on Tuesday got battered and witnessed its 52-week low level in early morning trade on the bourses.
Idea Cellular on Tuesday opened on a weak note at Rs59.05, despite the uptrend on the Bombay Stock Exchange and then lost further ground and touched an intra-day low of Rs53.30, a dip of 13.75% from its previous closing price.
Similar trend was witnessed on the National Stock Exchange, where the scrip opened at Rs61.10, touched an intra-day low of Rs52.10, a fall of 15.83% from its last close.
Brokers said the decline in the stock was largely due to the disappointing second quarter earnings of the company.
The company on Monday announced a profit after tax of Rs144.10 crore for the second quarter ended 30 September, a 45.22% decline over the corresponding period a year ago. Idea Cellular had a PAT of Rs263.10 crore in the second quarter of FY’08.
Total revenue rose to Rs2,303.70 crore for the quarter under review, from Rs2,178.10 crore in the same period last year.
For six months ending 30 September, the company reported a PAT of Rs407.20 crore, a 23.01% dip over the year-ago period. The company had a PAT of Rs528.90 crore in the corresponding period last fiscal.
On the volume front good movement was witnessed as over 15.80 lakh shares exchanged hands on the BSE and 45.62 lakh shares got traded on the NSE. The scrip, however, gained some momentum and was trading at Rs 55 on the bourses at 11.17 am.
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First Published: Tue, Oct 21 2008. 11 55 AM IST
More Topics: Idea | Telecom | Earnings | Stocks | Aditya Birla Group |