Airtel’s shares touch 52 week high on Sensex in early trade
After the disruptor, Reliance Jio hiked tariff plans last week telecom stocks have been buzzing on D-Street.
- Bharti Airtel shares were trading at Rs 502.30 a piece in early trade sessions.
- Reliance Jio had revised its Dhan Dhana Dhan offer last week.
- Telecom stocks were buzzing on hopes of recovery in the sector.
India’s telecom major, Airtel’s shares touched a 52 week high value on Tuesday morning on BSE Sensex.
The company’s shares were trading at Rs 502.30 per share in the early trade session.
At 10:16 hours the company’s shares were trading 0.66% or 3.30 points up from its last traded price at Rs 500.80 apiece.
See live prices here.
Idea Cellular’s shares were up 1.22% or 1.20 points at Rs 99.35 per share.
However Reliance Communications fell 0.56% or 0.10 points to trade at Rs 17.60 per share. Post-closing time on Monday the company announced that it had received its final approval from Department of Telecommunications to merge its wireless business with Sistema.
Telecom stocks on Monday cheered on as the Mukesh Ambani backed Reliance Jio revised its tariff plans last week.
Airtel’s share price rose to more than eight-year high with gains of over 3%. Idea Cellular Ltd and Reliance Communications Ltd gained over 4% each.
Bharti Airtel posted a 75% drop in Q1FY18 profit while Idea Cellular reported its third consecutive quarterly loss.
Jio has raised the price of its tariff plans under its Dhan Dhana Dhan offer last week. The company increased the price of its minimum plan under prepaid. It has also reduced the internet speeds post consumption of daily limit.
Analysts are now expecting another price war brewing in the telecom sector.
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