Idea Cellular shares soared nearly 11 per cent in early trade on Friday to touch a one-year high level, after the mobile operator posted 29 per cent jump in consolidated net profit for the fourth quarter ended March 31, 2013.
Buoyed by strong growth in voice usage and data consumption, the company had on Thursday reported a consolidated net profit of Rs 308.18 crore for the January-March quarter.
Given the strong performance, the company has announced a dividend for the first time in 16 years.
Total revenues during the quarter rose by 12.88 per cent at Rs 6,061.38 crore, against Rs 5,369.69 crore in the corresponding period last financial year.
Boosted by the smart earnings, shares of Idea Cellular opened higher and further gained 10.7 per cent to Rs 128.70 - its 52-week high on the Bombay Stock Exchange.
At the National Stock Exchange, the scrip surged 10.43 per cent to a one-year high of Rs 128.60.
Led by the uptick in the stock, the market value of the company jumped Rs 2,950 crore to Rs 41,478 crore.
The rally in Idea Cellular's shares outperformed a weak broader market where the BSE Sensex was trading down 69.85 points at 19,337 in late morning trade.
With inputs from PTI