Bharti Airtel, Bharti Hexacom shares trade mixed on D-Street-check out details
Spectrum auction news results: Bharti Airtel emerged as the biggest bidder for radio waves used to transmit mobile phone voice and data signals, cornering about 60 per cent of the Rs 11,341 crore worth of spectrum sold in an auction that ended within two days.
Spectrum auction news results, Bharti Airtel share price, Bharti Hexacom share price: Bharti Airtel shares hogged the limelight on Thursday, June 27, a day after Sunil Bharti Mittal's Airtel emerged as the biggest bidder for radio waves used to transmit mobile phone voice and data signals, cornering about 60 per cent of the Rs 11,341 crore worth of spectrum sold in an auction that ended within two days. Bhart Airtel shares closed at Rs 1,480, up 1.4 per cent on NSE.
Bharti Airtel has acquired 97 MHz spectrum by winning back spectrum that was expiring in the current year and additionally purchased spectrum to enhance its mid-band spectrum holding across the select circles. With that, the telecom company will continue to enjoy the largest mid-band spectrum pool in the country.
The company has spent Rs 6,857 crore to secure the said quantum of spectrum, it said in a statement.
“Airtel continues to judiciously acquire the right amount of spectrum to deliver the best possible experience to our customers. In this auction, we have bolstered our sub‐giga hertz and mid‐band holding which will significantly improve our coverage especially indoor,” Gopal Vittal, MD & CEO, Bharti Airtel said.
In addition, Bharti Hexacom, a subsidiary of Bharti Airtel, has acquired 15 MHz with an outlay of Rs.1,001 crore. Read more on 10th telecom spectrum auction
Bharti Hexacom stock closed at Rs 1,184, down 5.82 per cent on NSE.
Bharti Hexacom share price target: Should you buy? Here's what Jefferies says
Jefferies has double-downgraded Bharti Hexacom to hold call from buy. The brokerage raised the target to Rs 1,290 per share from Rs 1,200 earlier. The global brokerage highlighted the following key points:
- The unexpected acquisition should help to augment its data services
- Maintain 17%/23% Revenue/EBITDA CAGRS over FY24-27
- Cut earnings estimates by 4% to factor in spectrum spends
- After more than doubling since its IPO in April, stock trades at 16x EV/EBITDA
(With agency inputs)
For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.