Bharti Airtel emerged as the top Nifty gainer on May 16, with its shares surging 3% on positive sentiment stemming from tariff hikes, improved ARPU, and 5G network expansion. Despite reporting a 31.1% decline in consolidated net profit for the March quarter, brokerages maintained their bullish outlook for the stock.
Vodafone Idea’s (VIL) follow-on public offer (FPO) of Rs 18,000 crore, the largest in India’s history, was oversubscribed 6.36 times on its concluding day of bidding, April 22, amidst volatile market conditions. The strong investor response saw bids for 8,012.29 crore equity shares against the 1,260 crore shares offered in the FPO. Retail investors showed limited interest, subscribing to 576 crore shares against their allotted quota of 630 crore shares. However, qualified institutional buyers (QIBs), which comprised foreign institutional investors (FIIs), domestic financial institutions, and insurance companies, drove the oversubscription, bidding for 6,321 crore equity shares against the 360 crore on offer, an oversubscription of 17.56 times. Non-institutional investors (NIIs) also participated actively, subscribing to 4.13 times of their allotted quota. The FPO was open for public subscription from April 18 to April 22, with a price band set at Rs 10-11 per share. On Monday, Vodafone shares closed at Rs 12.89 apiece, down 0.23 percent.
