Bharti Airtel stock hits 52-week high after expanding Wi-Fi services to J&K
Source: Business Standard
Shares of Bharti Airtel, one of the leading telecommunications company of India rose as much as 3.1 per cent to record its 52-week high on NSE at Rs 1,628.25 per share on Thursday’s intraday trade.
Bharti Airtel share price today moved up after the company announced that it has expanded its home Wi‐Fi service across all the 22 districts of the Union Territories of Jammu and Kashmir and Leh-Ladakh.
This expansion will enable it to cover 1.1 million new households in both the Union Territories.
In a separate exchange filing today the company also said that it has completed the deployment of the additional spectrum it acquired in July 2024. The deployment of additional 5Mhz on the 1800 band will give a boost to Airtel’s 4G network capacities which, in turn, will improve and enhance data speeds and voice quality for customers across Chandigarh and Punjab.
“Bharti Airtel secured additional 97 Mhz of spectrum for Punjab at the recently concluded Spectrum Auction. Airtel, to its credit, holds the largest pool of mid‐band spectrum in the state now. With its diverse spectrum holdings across the 900, 1800 and 2300 bands, the company is well positioned to serve the growing demand for high‐speed data services with 5G and 4G network,” the company’s exchange filing read.
Further, Airtel Business, the B2B arm of Bharti Airtel today also signed an agreement with Sparkle, a telecom service provider in Italy for additional capacity on a diversified low latency route between Asia and Europe.
Under the agreement, Airtel will take capacity from Sparkle on the Blue‐Raman Submarine Cable Systems, which will connect India to Italy. With this additional capacity, Airtel will further diversify its global network across multiple international submarine cable systems to serve the growing demand for data services in India and neighbouring countries, the company said today.
The company has a total market capitalisation of Rs 9.09 trillion. Its shares are trading at a price to earnings multiple of 159.94 times with an earning per share of Rs 9.86, according to data available on BSE.
At 2:18 PM; the share price of the company was trading 3.09 per cent higher at Rs 1,626.60 a piece on the NSE. By comparison, the NSE Nifty50 was trading 1.18 per cent higher at 25,213 levels.
First Published: Sep 12 2024 | 2:13 PM IST
