Today, Bharti Airtel fell 1.48 per cent to Rs 750 on high volumes after multiple block deals. The company’s shares of Rs 10.4 crores or 1.9 per cent equity change in the opening trade. On the Bombay Stock Exchange (BSE), 4.30 lakh shares of the company were traded on average daily, of 3.53 lakh shares in the first quarter.
On the National Stock Exchange (NSE), 11.56 crore shares fell compared to the daily average trading volume of 70.66 lakh in the first quarter.
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In August, Singtel Group, a Singaporean telecommunications conglomerate, entered into a share purchase agreement to sell a 3.3 per cent direct stake in regional associate Airtel to Bharti Telecom, a joint venture between Bharti Enterprises and Singtel, at any time before 23 November 2022.
The telecom company is a holding of Bharti Airtel, with Bharti Enterprises holding of 50.56 per cent stake and SingTel withholding 49.44 per cent. Bharti Telecom owns 35.85 per cent of Bharti Airtel.
Over 491 million customers are global communication service providers across South Asia and Africa. The company’s net profit has surged to Rs 1,606.9 crore in the first quarter of FY23 compared with the first quarter of FY22 of Rs 283.5 crore. Operating revenue has jumped by 22.16 per cent to Rs 32,804.6 crore in the first quarter of the current financial year compared with Rs 26,853.6 crore in the previous year’s first quarter.
