Bharti Airtel has been enjoying good and positive attention from investors and market analysts for the last few weeks. India’s second-largest telecom operator has today again touched a new lifetime high price point. At the time of writing, Bharti Airtel’s stock price is Rs 733.20, which is 5.65% in the green. It has already touched a lifetime high of Rs 734.70. Not only Bharti Airtel, but the stocks of Reliance Industries Limited (RIL) and Vodafone Idea (Vi) are also in the green.
At the time of writing, Vodafone Idea’s stock is trading at Rs 8.95, which is 2.30% in the green today. RIL’s stock is trading 0.70% higher at Rs 2,385. Bharti Airtel’s stock opened at Rs 697 today, which predicted a strong day for the telco. It is worth noting that Airtel’s stock had previously closed at Rs 694.20. So the opening of the stock at a higher price point shows the positive market sentiment towards its stock.
Why Are the Telecom Stocks In Buzz Today?
The telecom stocks are getting special attention today because of the expected Cabinet hearing today. During the session, the Cabinet could approve the telecom relief package, which will be a huge help for the sector. Also, there are reports that the government might get a token stake in Vodafone Idea by converting its dues into equity.
Because of the expected news, the telecom stocks are buzzing, but there’s one huge concern. The government has never stepped in and saved private companies with its money from the budget. So it will be a fortunate strange event in case this happens. Bharti Airtel’s stock has seen new highs multiple times in the last few days. This is just evidence of the fact that people trust the telco’s future in 5G business. It will be interesting to see how the market pans out for the rest of the day for Airtel and other telecom stocks.