Bharti Airtel stock rose over 2% in early trade today after the telecom major said its board would meet on Friday to consider and evaluate a fundraising proposal through preferential issue of shares. Bharti Airtel stock rose 2.92% to Rs 709.80 against the previous close of Rs 689.60 on BSE. The telecom stock has risen 20.35% in one year and gained 2.32% since the beginning of this year. The large cap stock has gained after 2 days of consecutive fall.
Bharti Airtel share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. Total 0.91 lakh shares changed hands amounting to a turnover of Rs 6.35 crore on BSE. Market cap of the telco rose to Rs 3.87 lakh crore on BSE.
The share fell to a 52-week low of Rs 490.36 on March 25,2021 and a 52 week high of Rs 781.90 on November 24, 2021.
"...Board of Directors of the Company is scheduled to be held on Friday, January 28, 2022 to, inter-alia, consider and evaluate the proposal for issuance of equity shares through preferential issue (other than to Promoter I Promoter Group) subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company. consider and evaluate the proposal for issuance of equity shares through preferential issue (other than to Promoter I Promoter Group) subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company," the telco told the BSE on Monday.
In October 2021, the company raised around Rs 21,000 crore through a rights issue and has already garnered over Rs 5,200 crore from the first round of payment.
The telco is yet to announce its Q3 earnings. ICICI Direct expects Bharti Airtel to report a 45.3% rise in net profit to Rs 1,240 crore year-on-year (up 9.4% quarter-on-quarter). Net sales are seen rising 11.7 percent Y-o-Y to Rs. 29,608 crore.
In Q2 of the current fiscal, India's second-largest telecom firm reported a net profit of Rs 1,134 crore against a loss (attributable to owners of the parent) of Rs 763.2 crore during the year-ago quarter.
The telco said it was witnessing strong business momentum with growth in 4G customers and an increase in mobile ARPU. Consolidated revenues for the second quarter of FY21 stood at Rs 28,326.4 crore, up 18.8 per cent year-on-year (on a comparable basis) and 13 per cent y-o-y on a reported basis.
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