Bharti Hexacom hits all time high after 400 MHz deal with Adani firm

Bharti Hexacom share price: The company along with Bharti Airtel inked agreements with Adani Data Networks Limited, a subsidiary of Adani Enterprises to acquire rights to use 400 MHz of spectrum.

Bharti Hexacom share price: Shares of Bharti Hexacom gained 3.3 per cent in trade, registering an all time high at ₹1,695.45 on the BSE. At 11:52 AM, Bharti Hexacom shares were trading 2.16 per cent higher at ₹1,675.15 per share on the BSE. In comparison, the BSE Sensex was up 0.28 per cent at 79,817.14. The market capitalisation of the company stood at ₹83,757.5 crore. The 52-week high of the stock was at ₹1,695.45 per share and 52-week low of the stock was at ₹854.05 per share.However, Bharti Airtel stock was down 0.11 per cent at ₹1,850 per share on BSE. 

Why did Bharti Hexacom shares hit all time high today?

The stock was in demand after the company along with Bharti Airtel inked agreements with Adani Data Networks Limited, a subsidiary of Adani Enterprises to acquire rights to use 400 MHz of spectrum. 

As per the agreements, Bharti Airtel and its subsidiary, Bharti Hexacom will acquire rights to use 400 MHz of spectrum in the 26 GHz band in Gujarat (100 MHz), Mumbai (100 MHz), Andhra Pradesh (50 MHz), Rajasthan (50 MHz), Karnataka (50 MHz) and Tamil Nadu (50 MHz).

 

"The closing of the transaction is subject to satisfaction of the standard conditions (including conditions stated in the Spectrum Trading Guidelines) and statutory approvals," the filing read. 

 

That apart, in other developments, Bharti Airtel gained the most number of subscribers in January, with 1.65 million new wireless users, while Reliance Jio added 0.68 million users, data from the Telecom Regulatory Authority of India (Trai) showed on Monday.

 

Airtel’s mobile wireless market share continued to inch up in January, at 33.61 per cent. The overall number of mobile phone connections in India increased by 0.55 per cent in January. The high growth rate was due to Trai changing its subscriber reporting norms from January onwards, which now require 5G fixed wireless access (FWA) subscriptions to be counted as wireless subscribers, as opposed to wireline subscribers, as had been the case so far.  Also Read: 5 smallcap stocks to buy with up to 25% upside potential; check full list

About Bharti Airtel 

Headquartered in India, Airtel is a global communications solutions provider with over 550 million customers in 15 countries across India and Africa. The company also has its presence in Bangladesh and Sri Lanka through its associate entities. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. 

About Bharti Hexacom

Bharti Hexacom is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. It offers services under the brand ‘Airtel’. Airtel is a global communications solutions provider with over 550 million customers in 17 countries across South Asia and Africa