Bharti Airtel stocks hit new 52-week high amid tariffs hike; Vodafone Idea, MTNL too up 5%
Bharti Airtel stocks hit a new 52-week high of Rs 756.00 on the BSE in Monday's intraday trade after the telecom company announced a tariff hike for its prepaid offerings
Bharti Airtel stocks hit a new 52-week high of Rs 756.00 on the BSE in Monday's intraday trade after the telecom company announced a tariff hike for its prepaid offerings. The stock was trading at Rs 744.50, up Rs 30.30 or 4.24% around 10.50 am on Monday. The stock has touched a 52-week low of Rs 450.59 on November 25.
Another telecom share, Vodafone Idea, was also in action on Monday. Vodafone idea stocks too surged over 7 per cent to Rs 10.88 on the BSE in the intra-day trade on Monday.
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Mahnagar Telephone Nigam Ltd (MTNL) shares were also trading over 5% on BSE around the same time.
Earlier, telecom operator Bharti Airtel on Monday announced 20-25 per cent tariff hikes for various prepaid offerings, including tariffed voice plans, unlimited voice bundles, and data top-ups.
The entry-level tariffed voice plan has been hiked by about 25 per cent, while for unlimited voice bundles the increase in most cases is about 20 per cent.
Announcing revised tariffs, Airtel said, " Bharti Airtel (“Airtel”) has always maintained that the mobile Average Revenue Per User (ARPU) needs to be at Rs 200 and ultimately at Rs 300, so as to provide a reasonable return on capital that allows for a financially healthy business model. We also believe that this level of ARPU will enable the substantial investments required in networks and spectrum. Even more important, this will give Airtel the elbow room to roll out 5G in India. Therefore, as a first step, we are taking the lead in rebalancing our tariffs during the month of November. Accordingly, our new tariffs will come into effect from November 26, 2021."
In tariffed voice plans, the new rate is Rs 99, against the current Rs 79 with 28 days validity and benefits like "50 per cent more talk time worth Rs 99, 200 MB data, 1p/sec voice tariff".
The other categories, where a hike has been announced are unlimited voice bundles and data top-ups.
(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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