Bharti Airtel removed from 'Denied Entry List'

Bharti Airtel said its name has been removed from the Directorate General of Foreign Trade (DGFT)'s 'Denied Entry List'.

DGFT, on Tuesday (28 January), had put Bharti Airtel on its 'Denied Entities List', following the non-fulfillment of export obligations by the telecom company under the Export Promotion Capital Goods (EPCG) scheme.

"This is regarding the news reports in certain sections of the media pertaining to DGFT Denied Entry List and our subsequent intimation to stock exchanges on 29 January 2020. We wish to clarify that the company has highlighted the relevant details and documents submitted to the DGFT and accordingly the name of the company has now been removed from the 'Denied Entry List'. We are actively engaged with the authorities to complete the formalities and provide additional documents for closure of the remaining cases," Bharti Airtel said in a statement during trading hours on Friday, 31 January.

Bharti Airtel on Wednesday (29 January) said it had not applied for any such license since April 2018 as there was no operational need for the same. The company has fulfilled all its export obligations under the past licenses and has applied for closure of these licenses along with necessary documents to the authorities in this regard, it added.

The telecom major's consolidated net profit surged 2973.40% to Rs 7,246.51 crore on a 4.9% increase in net sales to Rs 21,131.30 crore in Q2 September 2019 over Q2 September 2018.

Bharti Airtel is a global telecommunications company with operations in 17 countries across Asia and Africa. In India, its product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, DTH and enterprise services, including national and international long-distance services to carriers.

Shares of Bharti Airtel rose 0.28% to Rs 490.90. The stock fell 6.58% in the past four trading sessions to settle at Rs 489.55 yesterday, 30 January 2020, from its close of Rs 524.05 on 24 January 2020.

The scrip traded in the range of Rs 487.05 to Rs 499.15 during today's intraday trade.

On the technical front, the stock's RSI (relative strength index) stood at 56.193. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 10-day moving average (DMA) placed at Rs 505.84 and 20-day moving average (DMA) placed at Rs 485.47.

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