Bharti Airtel gains after concluding spectrum trade agreement with Jio

Bharti Airtel rose 2.27% to Rs 637.40 after the telecom major announced the closure of its agreement with Reliance Jio Infocomm to transfer the 'right to use' of 800 MHz spectrum in three circles to Jio.

As per the agreement, Airtel has received Rs 1004.8 crore (net of tax) from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum.

Shares of Bharti Airtel hit a record high of Rs 638.60 in intraday today. The stock has rallied 62% from its 52-week low of Rs 394 posted on 19 October 2020.

Bharti Airtel is a global telecommunications company with operations in 18 countries across South Asia and Africa. The company reported a consolidated net profit of Rs 284 crore in Q1 FY22 as against a net loss of Rs 15,933 crore in Q1 FY21. Total revenues increased by 15.3% YoY to Rs 26,854 in the first quarter.

Powered by Capital Market - Live News