After Sunil Bharti Mittal said that he expected ARPU at Rs 300 per month for Bharti Airtel in the near future, shares of Bharti Airtel and Reliance Industries (parent of Reliance Jio) surged sharply in closing hours of intraday trade on Thursday. Bharti Airtel emerged as top Nifty gainer after Sunil Mittal’s comment. Reliance Industries ltd (RIL) also rose after these optimistic comments. While shares of Bharti Airtel soared to Rs 450.30, up 12 points or 2.74 per cent, Reliance Industries stock surged to Rs 1,613, or 37.15 points, or 2.36 per cent on NSE. Adding, Sunil Mittal said that the government should make doing business easy in India, He also said that the tariffs are too low compared to investments in India.
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The equity market benchmarks Sensex and Nifty advanced to fresh highs on Thursday, led by buying in energy, IT and auto counters amid persistent foreign fund inflows. After rallying to its lifetime intraday high of 41,719.29, the 30-share BSE Sensex settled 115.35 points, or 0.28 per cent, higher at its fresh closing record of 41,673.92. Similarly, the broader NSE Nifty rose 38.05 points, or 0.31 per cent, to its new peak of 12,259.70. It hit an intraday high of 12,268.35.
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Meanwhile, amid suspension of services in parts of Delhi earlier in the day, Bharti Airtel Chairman Sunil Mittal said the company had complied with a government directive in this regard. “There is a government order and we are just following it,” Mittal told reporters after a pre-Budget meeting with Finance Minister Nirmala Sitharaman.
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Source: Financial Express