Bharti Airtel stock rose in early trading after the firm disclosed 5G deployment plans. On Thursday, the telecom counter climbed more than 2% in BSE intraday trade to Rs 770.50 per share, a day after Bharti Airtel CEO Gopal Vittal said the business plans to begin 5G services in one month and should have connectivity in major metro cities by December. After being one of the lowest performers on Wednesday, the stock was among the top five gainers on both the Nifty50 and the Sensex on Thursday.
According to the new department IANS, Reliance Jio wants to provide 5G services before Diwali, which dates on October 24.
Previously, Prabhudas Lilladher commenced coverage on Airtel with a buy rating. Bharti Airel appears to be an attractive play on various growth prospects in a growing digital economy, backed by a powerful brand name. The stockbroker believes that the 5G deployment ambitions and excellent balance sheet make this competitor even more appealing. It was also optimistic about the total telecom sector, which is forecast to enter a robust growth period as wireless earnings expand at a 17.7% CAGR to Rs2.9trn during FY22-25E.
With a goal value of Rs 1032, the broker launched buy coverage on Bharti Airtel.
Bharti Airtel handed the Department of Telecom (DoT) Rs 8,312.4 crore in the amount due for the 5G spectrum purchased in the lately ended 5G auctions last month. It stated that it had paid in advance for 4 years of 5G spectrum in 2022.