After a holiday on Tuesday for Eid, the stock market has reopened on Wednesday and the telecom stocks seem to be having a rough start. Both Bharti Airtel and Reliance Industries Limited (RIL), the parent company of Reliance Jio are trading in the red. Vodafone Idea (Vi), on the other hand, has had a solid start to the trading day.
Vodafone Idea is currently trading at Rs 9.45 which is 1.61% up from its previous close. Why the telco is in the green today is a little difficult to understand.
RIL Stock in the Red Ahead of Results
Reliance Industries Limited (RIL) is going to announce results for the last quarter as well as the previous financial year on May 6, 2022. The board of the company will meet on the day to approve the financial results and then reveal them to the investors and the public. Reliance Industries Limited is also expected to go for the IPO (Initial Public Offer) of Reliance Jio later in 2023. Further, the company is also planning to separate the retail venture from the company and go for an IPO of it too.
Ahead of the announcement of results which are mostly going to be positive, the company’s stock is trading 0.41% down at Rs 2768.50.
Bharti Airtel, the second-largest telecom operator is also expected to deliver a robust performance in FY22 and the previous quarter is also trading 0.86% down at Rs 735.
On Monday, Vodafone Idea (Vi) announced that it is partnering up with the Indian Council for Research on International Economic Relations (ICRIER) for setting up a Telecom Centre of Excellence (TCE) which has been named ‘InViCT’.
The objective of this new TCE is to bring onboard stakeholders from academia, government, and the industry in a single platform with a view to contributing to the Digital India vision.
This will help with the growth of the telecom industry in the long run.
