Bharti Airtel’s stock or shares have jumped by almost 3% on Thursday morning post the announcement of a new joint venture with Hughes and the sale of tower assets in Tanzania. Bharti Airtel’s subsidiary — Airtel Africa Plc has received $159 million out of $176.1 million from the sale of tower assets in Tanzania. The remaining amount will be received once the remaining towers are transferred to the purchaser. Then, on Wednesday, Airtel had announced a new joint venture with Hughes Communications through which the new entity will provide satellite broadband services in India.
Bharti Airtel Stock Trading in the Green
At the time of writing, Bharti Airtel’s stock is trading at Rs 715.60, which is 2.23% in the green. The telco’s stock had previously closed at Rs 700 and opened at Rs 702 on Thursday. Airtel shares touched a high of Rs 720.50, which was close to a 3% jump from the previous close.
Vodafone Idea’s (Vi) stock is also trading close to 2% in the green. At the time of writing, Vodafone Idea’s stock is trading at Rs 15.40, which is 1.99% high than the previous close of Rs 15.10. Vi’s stock touched a high of Rs 15.75 on Thursday morning.
Despite the Delhi High Court order, which stayed the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) order which didn’t allow the Telecom Regulatory Authority of India (TRAI) to take coercive action against Vodafone Idea for not following the new Mobile Number Portability (MNP) rules, the stock of the telco is trading in the green.
This could be because the telco has paid its statutory dues of 818 crores and also made the payment to the non-convertible debenture (NCD) holders on time. It signifies that the telco’s cash flow situation has eased out significantly, and it is expected to make future payments on time as well. The government has already returned the bank guarantees worth thousands of crores to the telcos.
