Bharti Airtel shares gained over 3% in Thursday's trade after TRAI data showed that the telecom giant registered the highest number of subscriber additions for the second straight month in October.
The company added 36.74 lakh users in October against 37.8 lakh additions in September 2020. The company also added the most gross subscribers in October, which stood at 1.6 times that of Reliance Jio.
Bharti Airtel and Reliance Jio continue to maintain a stable active subscriber market share while Vodafone Idea reported a loss of subscriber base. According to data provided by the Telecom Regulatory Authority of India, India's second-largest wireless operator rose 1% month-on-month in October, with as many as 3 million users addition.
On the other hand, Reliance Jio, added 2.22 million new mobile customers, taking its total subscriber base to 406.35 million during the reported month.
Vodafone Idea comes third with 292.83 million subscriber base, followed by BSNL with 118.88 million customers. According to TRAI data, Reliance Jio is the top mobile operator with a subscriber base of 406.36 million, followed by Airtel, which has 330.28 million customers in October.
Following the news, Bharti Airtel share price opened with a gain of 2.31% today and later climbed 3.01% intraday on Thursday to Rs 522.95 against the previous closing price of Rs 507.35. Bharti Airtel share stands higher than 5, 20, 50, 100 and 200-day moving averages.
Bharti Airtel share has risen 13% since the beginning of the year. The share price of the telecom company has gained 5.49% in the last 3 days of trade.
The stock closed 1.91% higher at Rs 493.90 on BSE. Market capitalisation of the firm rose to Rs 2,82,079.59 crore.
"Bharti's performance post the tariff hikes in December 2019 has been impeccable on almost all parameters including subscriber additions, sequential ARPU/ revenue growth and incremental EBITDA margins and its operating metrics such as average data and voice usage have improved as well ahead of the industry," Kotak Securities said in its note.
Morgan Stanley said, " Airtel has been winning in the marketplace in overall data subscriber additions with 24 million vs 13.6 million additions by Jio and 7.4 million additions by Vodafone Idea during the last five months."
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today