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Idea Cellular advances on positive Q1 result

All key benchmark indices advanced in early trade today.

The barometer index, the S&P BSE Sensex, gained 96.14 points or 0.37%, up about 30 points from the day's low. Asian Paints and Axis Bank rose ahead of their Q1 results today. Idea Cellular jumped after the announcement of strong Q1 results by the company.

At 9:30 IST, the S&P BSE Sensex was up 96.14 points or 0.37% to 25,811.31. The index surged 123.90 points at the day's high of 25,839.07 in early trade. The index rose 65.22 points at the day's low of 25,780.39 in early trade.

The CNX Nifty was up 33.20 points or 0.43% to 7,717.40. The index hit a high of 7,716.60 in intraday trade. The index hit a low of 7,704.80 in intraday trade.

On BSE, 862 shares advanced and 285 shares declined. A total of 33 shares were unchanged.

The BSE Mid-Cap index was up 39.80 points or 0.43% at 9,340.22. The BSE Small-Cap index was up 51.20 points or 0.5% at 10,320.79. Both these indices outperformed the Sensex.

Bharti Airtel (up 2.33%), Tata Power Company (up 0.87%) and ITC (up 0.79%) raced ahead of the Sensex pack. Idea Cellular rose 3.47% to Rs 144.55 after the company reported strong Q1 results. The stock hit high of Rs 146.60 and low of Rs 144.20 during the day so far.

Idea Cellular reported 23.47% rise in consolidated net profit to Rs 728.20 crore on 7.34% rise in total revenue to Rs 7560.99 crore in Q1 June 2014 over Q4 March 2014. The EBITDA margin of Idea Cellular improved to 33.2% in Q1 June 2014 from 31.8% in Q1 June 2014 and from 31.7% in Q4 March 2014.

Asian stocks went ahead today with Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rising ahead. Indonesia's Jakarta Composite fell 0.16%.