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Bharti Airtel spurts on receiving approvals for downstream investments

Capital Market 

Bharti Airtel jumped 4.07% to Rs 588.75 after the company said it received necessary approvals for its relevant downstream investments.

In compliance to the foreign direct investment (FDI) approval dated 20 January 2020 granted to Bharti Airtel by the Department of Telecommunications (DoT), the company has received approvals for its relevant downstream investments. Accordingly, the telecom major is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.

On a consolidated basis, Bharti Airtel reported a net loss of Rs 763.20 crore in Q2 September 2020 lower than net loss of Rs 23,044.90 crore in Q2 September 2019. Net sales jumped 22% to Rs 25,785 crore in Q2 September 2020 over Q2 September 2019.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, January 13 2021. 11:24 IST