Bharti Airtel share price gained over 2% intraday on Monday following reports that the telecom major received almost all regulatory approvals required to raise foreign direct investment (FDI) in its downstream companies.
Bharti Airtel has received approval from Reserve Bank of India (RBI) and the Foreign Investment Promotion Board (FIFB), to increase FDI up to 74% in its payments bank, Airtel Payments Bank.
Following the news, Bharti Airtel share price opened higher at Rs 542.80 and later gained 2.62% intraday to Rs 554.40 against the previous close of Rs 540.25. Bharti Airtel share is trading higher than 5, 20, 50, 100 and 200-day moving averages.
Bharti Airtel share has risen 19% in one year. The telecom company has gained 5% in the last one week, 8% in one month and 7% since the beginning of the year.
Market capitalisation of the telco rose to Rs 2,97,764.32 crore.
As per RBI guidelines, the payments bank can raise FDI up to 74%.
In another update, the company in an exchange filing said that it has appointed Pradipt Kapoor as its Chief Information Officer (CIO).
The company has also moved the Supreme Court of India over DoT's AGR math 'errors', seeking to lower of dues payable as per aggregated gross revenue (AGR) fees. The telco has cited "miscomputation of dues," a reason for requesting the adjustment of dues.
Motilal Oswal in its note said," TRAI released subscriber data for Oct'20. The trend for the last three months sustained as Bharti Airtel continued to lead in gross, active, and 4G subscriber additions, piping Reliance Jio and eating into the share of Vi."