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During the day, the stock surged up to 11 per cent to reach 52-week high at Rs 237.90. The stock has doubled in the last one year and given around 20 per cent return in the last one month. If the last five years are considered, the stock is a multibagger having delivered a return of over 660 per cent.

“Increasing or correcting the prices is a continuous affair and whenever the international prices come off, we have to pass on the benefit because we are competing with other brands in the country. We want to increase our market share and so obviously we have to be price conscious as well as reach conscious. ”

Total revenue for the quarter rose 8.74 per cent YoY to Rs 3,700.96 crore from Rs 3,403.46 crore in the corresponding quarter last year.

“I think the economy will be able to absorb some of this increase in real rates that is happening given that growth has improved. If we take into account inflation, in our view, this trend is not really going to lead to an overtly tightening stance from the Reserve Bank.”

According to domestic brokerage ICICI Securities, the impact of interest rates can, however, lead to over-reaction in both ways unlike the precise effect of gravity.

“Post Covid, because of the structural and cyclical factors, we have started a new bull market and in my opinion, whatever happened in the last 9 to 12 months is more of a cyclical or a corrective phase rather than bear markets starting. It was only a matter of time before we resumed the uptrend again and we have pretty much started on that uptrend.”

Revenues from operations surged 327.50 per cent year-on-year (YoY) to Rs 12,855.30 crore compared with Rs 3,006.90 crore in the year-ago quarter. Total income of Rs 13,018.80 crore for the quarter was the highest ever, the company said.

A total of 42,166 shares changed hands on the counter till 02:00PM (IST).

Vodafone Idea spent Rs 18,800 crore in the recent spectrum auction to acquire 5G spectrum in its priority circles. But the current cash Ebitda run-rate of Rs 8,400 crore would be insufficient to meaningfully increase capex and meet large upcoming debt repayments, said Nomura India, which felt that delays in external fundraise would mean Vi’s 5G rollouts would remain constrained in the near term.

In a statement, the company said at the board meeting held on August 3, the Chairman of the Board, T T Srinivasaraghavan has relinquished his office and Harsha Viji succeeded him. Ananth Ramanujam was inducted as an additional director of the Board.