New Delhi, Oct 30: Shares of Vodafone Idea on Friday gained over 7 per cent after the company reported significant narrowing of losses to about Rs 7,218 crore for the September quarter, and said signs of recovery were visible with gradual improvement in economic activities. The stock rose by 6.44 per cent to Rs 8.92 on the BSE.

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On the NSE, it jumped 7.18 per cent to Rs 8.95. The company's losses in Q2 FY20 had been at a staggering Rs 50,921.9 crore after it provisioned for Supreme Court mandated statutory dues.

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The gross revenue for the quarter ended September 30, 2020, came in at about Rs 10,791 crore, marginally lower than the same period of the previous year.

The revenue was, however, 1.2 per cent higher when compared sequentially, and the company noted that the impact of the nationwide COVID-19 lockdown has gradually started to ease.

Realisation measured in average revenue per user (ARPU) -- a key metric for telecom firms -- improved to Rs 119 in Q2 FY21 from Rs 114 in the June quarter. Its Q2 loss at Rs 7,218.2 crore was lower even on a quarter-on-quarter basis. The results came after market hours on Thursday.

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