The Supreme Court of India will hear curative petitions filed by telecom giants Bharti Airtel and Vodafone Idea challenging the 2019 AGR ruling that imposed significant financial burdens on the companies. The hearing, scheduled for 1:30 pm today, will be closed to the public.
Sunil Bharti Mittal, the Indian telecom tycoon behind Bharti Airtel, is set to invest $4 billion in Britain’s largest broadband and mobile company, BT Group. Bharti Global, the international arm of Bharti Enterprises, will acquire a 24.5% stake in BT, marking a significant entry for the Indian conglomerate in the UK telecom market.
Sunil Mittal, chairman of Bharti Airtel, saw his gross remuneration jump to Rs 32.27 crore in the financial year 2023-24, driven by a combination of salary, allowances, and performance-linked incentives. Mittal, a self-made billionaire, is one of India’s wealthiest businessmen with a net worth exceeding USD 11.5 billion. His company, Bharti Airtel, boasts a market cap of Rs 886,000 crore and serves over 500 million customers across South Asia and Africa.
Reliance Jio recorded the highest adjusted gross revenue (AGR) at Rs 25,330.97 crore in the March 2024 quarter, while Bharti Airtel saw the sharpest AGR growth. Overall, telecom service providers’ gross revenue grew by 3.01%, with the government collecting over Rs 6,506 crore in licence fees and spectrum usage charges.
Bharti Airtel has increased its stake in Indus Towers to 48.95% after acquiring 1% from Vodafone Group, which sold nearly 20% of its shares. The transaction involved 2.695 crore shares bought by Airtel on the market, bringing its total stake to 48.95%. The move follows Vodafone’s reported sale of 53.3 crore Indus Towers shares for Rs 17,065 crore.
Private equity firms KKR and DigitalBridge, along with Singapore’s sovereign wealth fund GIC, are in the running to acquire Carlyle Group’s 24% stake in Bharti Airtel’s data center arm, Nxtra Data Ltd. The deal is estimated to value Nxtra at around $700 million and reflects the growing interest in India’s digital infrastructure sector.
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.
Bharti Airtel, a leading telecom provider in India, has unveiled budget-friendly international roaming packages for travelers visiting 184 countries. Starting at just Rs. 133 per day, these packages offer data benefits, in-flight connectivity, and 24/7 contact center support. By eliminating the need for multiple packs for different destinations, Airtel has simplified the process, allowing customers to choose the duration of their trip and enjoy seamless connectivity worldwide with a single pack.
The Indian stock market witnessed a positive trend on April 24, 2024, with both Nifty 50 and BSE Sensex closing higher. Nifty 50 gained 104.3 points (0.47%), reaching a value of ___, while Sensex climbed by 367.52 points (0.5%), closing at ___. In the BSE Sensex index, Tata Steel, Kotak Mahindra Bank, Bajaj Finserv, Power Grid Corporation of India, and Bajaj Finance emerged as the top gainers. Infosys, Hindustan Unilever, Tech Mahindra, and Asian Paints were among the top losers. Within the Bank Nifty index, Bandhan Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank, and ICICI Bank led the gains, while Bank Of Baroda and Au Small Finance Bank experienced declines.
Nuvama Institutional Equities has turned positive on the telecom sector, predicting that a combination of tariff hikes and government support will boost operators’ financials and returns profiles. The brokerage believes Bharti Airtel is the best way to play this trend and has raised its target price. Nuvama has also upgraded Vodafone Idea’s rating to ‘Hold’ and raised its target price, but sees the company’s journey to becoming an investible idea as still some distance away.
