Bharti Airtel, RIL up 3% each on signing spectrum transfer deal

Through this agreement, which is subject to statutory approvals, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer

Shares of Reliance Industries (RIL) and Bharti Airtel gained 3 per cent each on the BSE in the intra-day trade on Wednesday after Reliance Jio Infocomm (Reliance Jio) signed a definitive agreement with Bharti Airtel to acquire the right to use spectrum in the 800-megahertz (MHz) band in Andhra Pradesh, Delhi, and Mumbai circles through spectrum trading.

The stock of RIL was up 3 per cent at Rs 2,046, while Bharti Airtel gained 2.7 per cent to quote at Rs 546 on the BSE in the intra-day trade today. At 12:17 pm, these stocks were trading higher by 2.6