Shares of India's largest telecom giant Bharti Airtel gained over 3% on Friday as the company added about 40.4 lakh subscribers in the month of November 2017.
Shares of India’s largest telecom giant Bharti Airtel gained over 3% on Friday as the company added about 40.4 lakh subscribers in the month of November 2017. With adding 40.4 lakh subscribers during November, Bharti Airtel commands a total subscriber base of 28.95 crore, as per the data released by COAI. The stock of Bharti Airtel surged as much as 3.25% to the day’s high of Rs 539.45 on BSE while it rose 3.24% to the day’s high of Rs 539.45 on NSE. Bharti Airtel holds the top position in India with a market share of 29.68%. The stock of Airtel was among the top three gainers on Sensex behind Yes Bank and Adani Ports which rose 5.7% and 3.6% respectively. Following the sharp rise in the share prices, Bharti Airtel added Rs 6800 crore in the market capitalisation to Rs 2,15,780.39 crore from Rs 2,08,980.38 a day earlier.
The trading volumes in the shares of Airtel were quite normal in line with the 2-week average. As at 2 pm, more than 50 lakh shares exchanged hands on both NSE and BSE with about 48 lakh shares on NSE alone. While, on the other hand, the total subscriber base of India reached 97.54 crore in November with a net addition of 83.3 lakh new customers, according to COAI (Cellular Operators Association of India). “As per the data, India’s private telecom service providers have a total of 975.40 million subscribers. The data also includes the figures of Reliance Jio Infocomm Ltd and Mahanagar Telephone Nigam Ltd (MTNL) by the end of October 2017,” COAI said in a statement.
Meanwhile, India’s stock market traded higher in the late afternoon trade with midcap stocks outperforming the benchmark indices. The key equity indices Sensex and Nifty hit their respective record highs on Friday following the lifetime high closing on Wall Street overnight. The US benchmark index Dow Jones Industrial Average breached the psychological 25,000 mark for the first time ever on Thursday. The benchmark Sensex jumped 205.57 points to the record high of 34,175.21 while the broader Nifty added 58 points to mark a high of 10,562.8 for the first time. Shares of Birla group telecom company Idea Cellular jumped as much as 12% the gains on the back of fundraising plans of Rs 6,750. BSE Sensex gained 51.63 points to begin at 34,021.27 and NSE Nifty added 29.45 points to open at 10,534.25.