Bharti Airtel Hits 21-month High in Bombay Stock Exchange

New Delhi, November 18, 2019:

Telecom major Bharti Airtel’s shares have hit a 21-month high of Rs 420, up to 7 per cent and surging 20 percent from its Friday figures on the Bombay Stock Exchange (BSE) on Monday.

Bharti Airtel’s stock was trading at its highest level since January 25, 2018. However, on Friday, November 15, it touched Rs 351, an intra-day low on the BSE.

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The company’s operating profit reached at Rs. 8,928 Crore, up by 41 percent. Its consolidated operating profit margins, also saw a jump from 31.5 percent in the year-ago quarter to 42.3 percent in Quarter 2. Experts opine that the profit was led by lower operating costs, selling and marketing and other expenses.

It may be mentioned here that Bharti Airtel had hit an all-time high of Rs. 527 on October 10, 2007.

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In the second quarter of the 2019-20 Financial Year, the company posted a pre-tax loss of Rs 31,334 crore due to a provision of Rs 28,450 crore, following the outstanding payments to the central government on account of the recent Supreme Court judgment on adjusted gross revenues (AGR).

Speaking on the lines of the verdict, the management of Bharti Airtel said that it continues to engage with the government and are evaluating various options available.

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