Investors brushed aside nearly 24 per cent fall in the economy during Q1 FY21 that was largely expected with equity benchmark indices closing higher on Tuesday after a volatile trading session.
Shares of Vodafone Idea tumbled nearly 13 per cent, while those of Bharti Airtel rose more than 6 per cent after the Supreme Court granted 10 years to telecom firms for paying the AGR-related dues to the Department of Telecommunications with certain conditions.
The government may impose restrictions on private telecom operators to buy equipment from Chinese firms for projects in which they acquire public assets on a lease basis.
Seven of the 10 most valued domestic companies together lost Rs 78,127.74 crore in market valuation last week, with HDFC Bank taking the biggest knock.
Bharti Airtel is better placed to offer guarantees for securing staggered payments, if permitted, in the AGR matter where the Supreme Court has asked private telcos for road map on payment, timelines, and the security they can furnish, said analysts while airing mixed views on sustainability of Vodafone Idea.
Shares of Vodafone Idea and Bharti Airtel fell on Thursday, with the former tumbling 13 per cent, on a day when the Supreme Court asked private telecom operators to furnish undertakings and file affidavits giving a road map for clearing the adjusted gross revenue (AGR)-related dues.
Bharti Airtel's subsidiary Bharti International (Singapore) has increased its stake in Robi Axiata, a telecom service provider in Bangladesh.
Amazon is in "early-stage talks to buy a stake worth at least $2 billion in Bharti Airtel, India's third-largest telecom company, news agency Reuters reported quoting three sources with knowledge of the matter.
Equity benchmark indices wiped out early gains on Tuesday and closed in the red after a volatile trading session that saw metal stocks shining but IT scrips plunging.
Equity benchmark indices gained for the second consecutive day on Wednesday as heavy buying was witnessed in pharma and financial stocks.
Shares of Bharti Airtel on Tuesday zoomed 10 per cent after the company reported consolidated revenue of Rs 23,722.7 crore during the reported quarter on broad-based strength, with all segments registering healthy underlying growth.
Telecom operator Bharti Airtel on Monday posted a consolidated loss of Rs 5,237 crore in the fourth quarter ended fiscal year 2020, mainly on account of making provision for paying statutory dues.
In a bid to strengthen its 4G network and enhance 5G capabilities in India, Bharti Airtel has inked a $1 billion (nearly Rs 7,636 crore), multi-year deal with Nokia to deploy the Finnish majors 5G-ready solutions across nine circles in the country.
Airtel has decided to pay the basic income for April to nearly 25,000 employees of its distribution partners and retail franchisee network to help them tide over the unprecedented situation arising out of the ongoing lockdown to contain the spread of COVID-19.
Telecom operator Bharti Airtel has surpassed HDFC to become the country's fifth most valued firm in terms of market valuation. At close of trade on Wednesday, Bharti Airtel's market capitalisation (m-cap) stood at Rs 2,78,206.15 crore, Rs 1,987.86 crore more than that of HDFC's valuation of Rs 2,76,218.29 crore on the BSE.
Bharti Airtel and Reliance Jio will continue to gain market share at the cost of Vodafone Idea''s "worsened" financial health that may deteriorate further in the wake of the AGR judgment, Axis Capital said in a note on Friday.
Bharti Enterprises has committed over Rs 100 crore to support India’s fight against COVID-19, the company said in a statement on Tuesday. A large portion of the corpus will be immediately contributed to the PM CARES Fund.
Vodafone Idea plunged 40 per cent to Rs 2.91 and Bharti Airtel declined 5 per cent to Rs 431.25 on the BSE. Both the companies erased their early gains and were trading with losses.
Bharti Airtel and Vodafone Idea Ltd, whose self-assessed dues to the government are less than half of what the Department of Telecommunications (DoT) estimates, must disclose workings highlighting areas of difference as minority shareholders deserve to know, an analyst report said.
The comment assumes significance as the government on March 4 had asked Bharti Airtel, Vodafone Idea and other telecom companies to pay the remaining adjusted gross revenue (AGR) dues as per the Supreme Court order without further delay.
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