Bharti Airtel stock: Shares of telecom major Bharti Airtel surged nearly 6.5 per cent during the morning trade on Wednesday after the telco received FDI approvals for its downstream investments.
The Bharti Airtel stock climbed 6.37 per cent to Rs 601.80 per share on the BSE, while on the National Stock Exchange (NSE), it jumped 6.35 per cent to Rs 601.70 apiece.
At 11:57 am, the scrip was trading at Rs 583.75, up Rs 18.00 (3.18 per cent) on the BSE and at Rs 584.00, up Rs 18.25 (3.23 per cent) on NSE. Over 5.25 crore shares were traded on NSE so far while over 19.80 lakh shares exchanged hands on the BSE.
The company in an exchange filing on Tuesday announced that it is initiating the process to revise its foreign investment limit to 100 per cent with immediate effect.
“We wish to inform you that in compliance of the FDI approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the Company has received approvals for its relevant downstream investments. Accordingly, the Company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect,” the filing said.
The notification came in the evening after market hours and hence the stock couldn’t react to the news on Tuesday.