Shares of telecom services provider Idea Cellular hit over 2-week high on positive management comments.
The stock jumped as much as 5 per cent to their highest since June 10.
The company management had reiterated confidence in its execution strategy and ability to gain market share in an analyst meet on Monday.
It believes that the market is large enough to accommodate new entrant and that it would re-assess the strategy closer to the launch of 4G services by Reliance Industries.
Idea, India’s third largest telecom company, posted near 39 per cent fall in March-quarter profit. Its voice traffic and data traffic growth both missed analysts’ estimates.
Idea, Bharti Airtel and Vodafone’s India unit have been spending heavily on ramping up 4G networks.
Bharti Airtel stock was up 1.1 per cent, while Reliance Communications was up 1.7 per cent.
S&P BSE Telecom index jumped 2 per cent and was the top percentage gainer on the benchmark S&P BSE index.