Helping boost the stock in recent weeks was a $900 million deal with Nokia Siemens Networks to expand Bharti’s network capacity and its coverage in rural areas. (See Nokia Siemens Lands $900M India Deal.)

    In a statement issued this morning, Bharti chairman Sunil Mittal noted that the Indian telecom market “is entering the next phase of growth” and the carrier intends “to expand our network aggressively to enhance penetration in the rural markets and be at the forefront of this growth.” Bharti has set aside a $3.5 billion capex budget for the fiscal year to build out its network.

    India’s mobile operators, which added a record 7.34 million new subscribers in June alone, are ramping up their expansion plans for rural areas, where two thirds of India’s 1.1 billion people live and there are 6 telephones for every 100 people. Bharti’s network covered 42 percent of the country’s population a year ago and had extended to 62 percent by the end of June.