Bharti Airtel shares trade near record high ahead of rights issue

Bharti Airtel, #Buzzing Stocks

File image

Bharti Airtel share price is in focus as the company’s Rs 21,000 crore rights issue to open on October 5.

The Rs 21,000 crore rights issue of telecom major Bharti Airtel would open on October 5, the company said in a regulatory filing on September 22. The closing date of the issue was stated as October 21, 2021.

The company also noted that the ‘Record Date’, for the purpose of determining the shareholders who shall be eligible to receive the rights entitlement in the issue, is September 28.

The issue size has been fixed as “up to 392,287,662 Rights Equity shares”, Bharti Airtel said, and reiterated the rights issue price of Rs 535 per fully paid-up equity share, including face value of Rs 5 and premium of Rs 530 per equity share.

Bharti Airtel, #Buzzing Stocks

The stock was trading at Rs 728.90, up Rs 2.15, or 0.30 percent. It has touched an intraday high of Rs 735.00 and an intraday low of Rs 727.

The scrip was trading with volumes of 2,399,160 shares, compared to its five day average of 1,311,450 shares, an increase of 82.94 percent.

The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely-competitive Indian telecom market.

Jay Thakkar, Vice President and Head of Equity Research at Marwadi Shares and Finance has a buy recommendation on the stock with target of Rs 770-795 per share.

“The stock, after having provided a breakout from a sideways consolidation, has been trending higher, forming higher tops and higher bottoms, with an increase in volumes and fresh buy crossover in its momentum indicators,” he said.

“The scrip has also seen a long build-up on the derivatives front, which further confirms that the trend is strong in the short term. Hence, we recommend it for a target of Rs 770-795, with a stop-loss of Rs 696,” he added.

The Union Cabinet’s relief package is likely to include a moratorium on payments for airwaves, will help India’s three major wireless carriers including Bharti Airtel.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Internet Explorer Channel Network
News Related

OTHER NEWS

IPL 2021 Final Snapshots | CSK vs KKR: Faf du Plessis shines as Chennai Super Kings clinch 4th title

Kolkata Knight Riders’ captain Eoin Morgan won the toss and elected to field first in the final of IPL 2021 at Dubai. (Image: IPL/BCCI) Once again Faf du Plessis and ... Read more »

Too early to conclude on lessons learnt from COVID-19 crisis: Nirmala Sitharaman

Finance Minister Nirmala Sitaraman. It is too early to conclude on the lessons that India learnt from the COVID-19 crisis, Union Finance Minister Nirmala Sitharaman said as she stressed that the world is not going to ... Read more »

US will accept mixed doses of vaccines from international travelers

Source: Reuters The US Centers for Disease Control and Prevention (CDC) said late that it will accept mixed-dose coronavirus vaccines from international travelers, a boost to travelers from Canada and ... Read more »

COVID-19: South Africa to vaccinate 12 to 17-year-olds

Representative image. South Africa will start vaccinating children and teenagers from October 20 as its steps up its drive to reach heard immunity against Covid by giving half of its six million ... Read more »

Bitcoin tops $60,000 on US fund approval hopes

Bitcoin has had an eventful year, reaching a record high and becoming legal tender in El Salvador. NEW YORK: Bitcoin breached the $60,000 mark for the first time since April ... Read more »

Cash-rich VCs eye startup opportunities

Mr Sarun says VCs are more likely to invest in startups that are mature with sizeable investment. Venture capitalists (VCs) in Thailand are turning their focus to investing in startups ... Read more »

Strong earnings lift stocks but inflation a worry

Recap: Global stocks rallied yesterday, helped by strong quarterly earnings from Wall Street, while spiralling energy prices spurred concerns over a global energy crunch and inflation. Brent oil futures traded ... Read more »

Helming a mega-project Suphajee Suthumpun says the focus remains on Dusit Central Park, writes Kanana Katharangsiporn

An artist’s rendition of Dusit Residences’ three-bedroom unit sized 197 square metres and priced 80 million baht. Seven of the nine units have already sold. Vimarn Suriya Co, the developer ... Read more »

Suphachai commits to digital focus Council aims to promote culture that enhances competitiveness

Mr Suphachai says the council wants to make tangible changes to the country’s digital culture. Digital Council of Thailand (DCT) president Suphachai Chearavanont has vowed to drive digital culture and ... Read more »

Reopening lifts spirits but watch inflation trend

In the past week, the Thai stock market moved sideways up in a range between 1,630 and 1,650 points. Sentiment was bolstered by the prime minister's announcement that the country ... Read more »

Alibaba, HSBC offer startup contest

From left are Raymond Wong of HKSTP; Peter Yan of Cyberport; Allan Zeman of Alibaba Hong Kong Entrepreneurs Fund; Ms Ong; and Ms Chow. Alibaba Hong Kong Entrepreneurs Fund (AEF) ... Read more »

Clear entry edicts demanded now Operators seek early resolution to avoid losing out on lucrative markets during high season

Tourists take photos at Samed Nang Chee viewpoint in Phangnga province. Tourism operators urged the Thai government to issue clear and definitive entry regulations for foreigners as soon as possible ... Read more »

Restaurants celebrate shorter curfew, longer dining hours

Diners check out promotional offers at a restaurant in Future Park Rangsit following the CCSA’s easing of lockdown restrictions. Restaurant chains and shopping centres are welcoming the extended service hours ... Read more »

FTI urges rule rejig for energy trade

Thailand uses an enhanced single buyer model for energy trade. The Federation of Thai Industries (FTI) is calling on the government to amend laws to allow factories easier access to ... Read more »

Higher home heating costs could burn a hole in your wallet this winter

“Are we going to be able to pay this and afford this? How high is it going to go?” one homeowner said. Read more »

KLM threatens legal action over Schiphol rate increase

AMSTELVEEN (ANP) – Air France-KLM is threatening legal action against Schiphol, because the airport wants to increase its airport charges for airlines by more than 40 percent in three years. ... Read more »

Wall Street ends up with Goldman; Dow posts biggest weekly rise since June

Banks were among the biggest positives for the S&P 500 on the day. NEW YORK (REUTERS) – US stocks rose on Friday (Oct 15) and the Dow scored its biggest ... Read more »

Virgin Galactic plummets on Wall Street due to space travel delay

NEW YORK (AP) — Space company Virgin Galactic took a major hit on Wall Street on Friday. Investors reacted with shock to the announcement that a planned test flight is ... Read more »

Russia retains third position among largest EU exporters - Eurostat

From January to August 2021, the volume of Russian exports increased by 48.7% compared to the same period in 2020 Read more »

America suffers from sharp price increases

From now on, things at Dollar Tree can also cost 1.25 or 1.50 instead of the fixed 1 dollar. The grab chain, the last of its kind (think Family Dollar, ... Read more »

‘We shouldn't have been so secretive'

As the crow flies, Microsoft’s headquarters is 7,770 kilometers away. Yet they closely follow local politics in North Holland in Redmond, Washington. Due to the opposition to the new mega ... Read more »

Dow surges nearly 400 points on strong Goldman profits, retail spending

The three major stock indexes were on track to post gains for the week as well. Getty Images U.S. stocks rose on Friday as Goldman Sachs was the latest big ... Read more »

IMF: The genie of the Seventies is still in the bottle

Are we going back to the seventies? That was the question hanging over the International Monetary Fund’s annual meeting this week. Its keyword is ‘stagflation’, the contraction of economic stagnation ... Read more »

Resilient shoppers push retail sales higher in September

The results are a stronger showing than expected given the rising prices consumers increasingly face. Getty Images Americans continued to spend at a solid clip in September even while facing ... Read more »

An apartment, a swimming pool and a cinema: living in Vienna is affordable

Spacious living in a good place for a low price: there are fewer and fewer places in and outside the Netherlands where that is possible. In contrast to Vienna: in ... Read more »

Discussions on cross-border carbon tax still underway in Europe, Russian minister says

According to Denis Manturov, the international situation has a significant impact on the development of trade between Russia and other countries Read more »

IPL 2021 Final | CSK vs KKR: Chennai Super Kings beat Kolkata Knight Riders by 27 runs to clinch 4th IPL title

File image of MS Dhoni during an IPL match. Instagram/iplt20.com, BCCI) Chennai Super Kings on Friday clinched their fourth Indian Premier League title after beating Kolkata Knight Riders by 27 runs in the summit ... Read more »

How to Calculate Intrinsic Value

Many analysts believe that the market price of a particular stock does not represent the true value of the company. These analysts use intrinsic value to determine if a stock’s ... Read more »

How to Bid on Government Contracts

Each year, the U.S. federal government spends hundreds of billions of dollars purchasing products and services. Of that amount, small businesses receive almost a hundred billion dollars in contracts. With ... Read more »

Russia to boost security of Venezuelan oil pipelines — Rostec

It is planned to introduce Russian unmanned aerial vehicles for monitoring oil pipelines and detecting oil spills Read more »

How to Write a Change Management Plan

There are two types of change management plans. One addresses the impact of change on an organization, easing the transition. The other tracks changes to a single project, creating a ... Read more »

How to Calculate Cost Increase Percentage

As prices increase on many of the things you use in your day-to-day life, it may become necessary for you to calculate that increase for forecasting or accounting purposes. To ... Read more »

How to Write an Email Asking for Donations

Creating an effective email that solicits contributions requires a tone that creates excitement about your organization. The use of email as a medium for fundraising is increasing because the cost ... Read more »

Retail chain Relay opens first book and gift shops at NS stations

Book and gift shop Relay will open seven stores at major NS stations from the beginning of November. The competitor of AKO and Bruna, among others, is owned by the ... Read more »

How to Open a Bank

Banking is a difficult industry to join. However, many community-oriented banks are opening across the country. With careful planning, the task of opening a bank might not be as impossible ... Read more »

Russia cannot be blamed for gas crisis in Europe, says ex-BP CEO Dudley

"Russia has been increasing gas production," the Chairman of the Oil and Gas Climate Initiative added Read more »

The elderly complain to the hotline about age discrimination in banks

For example, seniors can suddenly no longer take out subscriptions that require a credit card with credit. Expensive repairs to houses for which a loan has to be taken out ... Read more »

Cooling company Smeva in Valkenswaard receives Royal designation after 100th anniversary

VALKENSWAARD – The cooling company Smeva group from Valkenswaard has been awarded the Royal designation. The province of Noord-Brabant reports this on Friday evening. A counter at the butcher or ... Read more »

Transition to carbon neutrality opens up great opportunities for Russia — PM

"This is a chance to use breakthrough technologies in the backbone sectors of the economy, to form new growth points, high-tech jobs, and additional competitive advantages in the context of the global energy transition," Mikhail Mishustin noted Read more »