Q4 net falls 6.9 percent, lags forecast
Larsen and Toubro Ltd (L&T) posted a worse-than-expected 6.9 percent fall in quarterly profit as interest costs jumped for India's biggest engineering and construction company. Article | Full Coverage
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Bharti Airtel, Idea fall; rally seen unjustified
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A vendor waits for customers at his grocery shop, painted with an advertisement for Bharti Airtel, in Kochi August 8, 2012.
Credit: Reuters/Sivaram/Files
Reuters Market Eye - Wireless services providers fall on continued profit-taking on expectations a run-up in share prices this month is unjustified given concerns about the sector's outlook.
Competitiveness in the sector is expected to increase with the widely expected entry of Reliance Industries (RELI.NS) into the sector, although the energy conglomerate has not confirmed its intentions.
Investors also remain concerned the government may potentially prevent wireless service providers from charging national roaming charges, following media reports earlier this week, which could hit margins in the sector.
Bharti Airtel shares fall 3.8 percent as of 3.19 p.m., but are still up 11.2 percent so far this month, compared with the Nifty's 7.9 percent gain.
Reliance Communication (RLCM.NS) falls 1.3 percent, while IDEA Cellular (IDEA.NS) is down 1.3 percent.
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