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Bharti Airtel shares jump 5 pc on bullish sentiments following fundraising

Press Trust of India  |  New Delhi 

Shares of Bharti Airtel on Thursday jumped over 5 per cent amid bullish sentiments after the company raised USD 750 million (about Rs 5,330 crore).

Besides, Reliance Jio's decision to charge 6 paise per minute as call connect charges from customers also boosted the sentiments, with hopes that Bharti Airtel might also follow suit.

On the BSE, the scrip jumped 7.12 per cent to a 52-week high of Rs 384.85 during the day and settled 5.05 per cent up at Rs 377.40.

Similarly, on the National Stock Exchange (NSE), the stock traded at a 52-week high of Rs 385 and closed at Rs 375.05, up 4.35 per cent over the previous close.

The company's market capitalisation rose Rs 9,349.4 crore at Rs 1,93,680.24 crore.

Bharti Airtel on Wednesday said it has raised USD 750 million from investors based in Asia, Europe and the US.

Moreover, an announcement by Reliance Jio introducing call connect charges also pushed the share prices up.

Shares of telecom companies on Thursday rose up to 7 per cent in the wake of Reliance Jio deciding to levy call connect charges from customers, a move that is likely to be followed by rivals.

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

First Published: Thu, October 10 2019. 17:35 IST
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