MARKET EYE-Bharti Airtel turns negative; one-off boosts profits

Wed Nov 7, 2012 2:32pm IST

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* Bharti Airtel falls 1.3 percent, erasing initial rise of as much as 2.6 percent, as investors factor in a one-off gain related to a telecom tribunal's judgment boosting revenue and profit. * Bharti's consolidated net profit falls 30 percent from a year earlier to 7.21 billion rupees ($132.5 million) for the three months to September, despite a one-off gain of 2.39 billion rupees from an outstanding dispute over inter-connect charges. * IDFC, in a note to clients, says Bharti's earnings are in line with its estimates helped by healthy data pickup despite a soft voice business, and a 3 percent revenue growth in Africa business. * "Our hypothesis of Bharti being better placed due (to) scale benefits in India and upside from Africa market remains intact," says IDFC, which kept its 'outperformer' call on the stock. * Nomura, however, maintains its 'reduce' rating on the stock and doubts the results will boost market confidence in Bharti's earnings outlook. (manoj.dharra@thomsonreuters.com/abhishek.vishnoi@thomsonreuter .com)

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