Share of Bharti Airtel rose over 6 per cent today after the company said it has received approvals for relevant downstream investments post FDI nod from the Department of Telecommunications. Bharti Airtel stock touched an intraday high of Rs 601.8, rising 6.37% against previous close of Rs 565.75 on BSE.
The large cap stock has gained 8.42% in the last 3 days. The stock opened with a gain of 3.93% at Rs 588.
Bharti Airtel share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The telecom share has gained 25% in one year and risen 15% since the beginning of this year. In a month, the stock has gained 16.25%. Market cap of the firm rose to Rs 3.19 lakh crore.
At 12: 48 pm, the share was trading 3.38% higher at Rs 585 on BSE. Bharti Airtel said it was initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 per cent with immediate effect.
"Further to our intimation dated January 21, 2020, we wish to inform you that in compliance with the FDI approval dated January 20, 2020, granted to the company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments.
"Accordingly, the company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 per cent with immediate effect," Bharti Airtel said in a regulatory filing on Tuesday.