Bharti Airtel: DoT approves FDI limit hike
Shares of Bharti Airtel rallied nearly 6% in Wednesday’s trade after the telecom operator informed stock exchanges that it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.
Sunil Bharti Mittal owned company has received the FDI approval from the Department of Telecommunications, for its relevant downstream investments. Accordingly, the company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.
It is expected to be the biggest Nifty winner of 2021, even after its price almost doubled from its March 2020 low.
The optimistic outlook is based on robust earnings growth expectations.
Bharti Airtel is likely to report a Rs 81.30 crore profit for the December quarter. It sees the margin for the firm expanding to 45.1% in the December quarter, from 42.1% in the corresponding quarter last year. Sales are projected to rise 15% to Rs 25,244 crore.
India wireless revenues are likely to rise 7% sequentially, aided by healthy expansion in its subscriber base by 70 lakh, accompanied by data subscriber addition of 1 crore.
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