Shares of Bharti Airtel hit a 52-week high; Know why

Bharti Airtel Ltd which is one of the world’s leading providers of telecommunication services hit a 52-week high today at Rs 976. The company’s stock has been hitting back-to-back 52-week highs for the past few days due to a strong business outlook and key developments aimed at rolling out a 5G network in India at a rapid pace to compete with Jio.

Today the company reported it has extended 5G coverage to all 34 districts of Maharashtra. The company has over 4.1 million unique 5G customers in the rest of Maharashtra beyond Mumbai, within a year of the launch of Airtel 5G Plus. Furthermore, the company also extends 5G coverage to all 40 districts of Uttar Pradesh West & Uttarakhand empowering 2.3 million customers to enjoy the power of 5G.

Headquartered in India, Bharti Airtel Ltd (BAL) is a global communications solutions provider serving approximately 51.8 crore customers in 17 countries across South Asia and Africa as of March 31, 2023. It is one of the top three mobile operators worldwide, providing coverage to over two billion people. In India, Airtel, a subsidiary of BAL, is the largest integrated communications solutions provider and the second-largest mobile operator in Africa.

As of March 31, 2023, the company had 33.5 crore mobile subscribers in India and approximately 14 crore in Africa.

On Tuesday, the stock of Airtel opened at Rs 974.55 and closed at Rs 971.40, up by 1.02%. Today shares of the company hit a 52-week high at Rs 976 while its 52-week low stands at Rs 736.20. The company currently boasts a market capitalisation of approximately Rs 5,46,000 crore. Over the past six months shares of the company have given a return of 20.62%, in the same time frame BSE Sensex has changed by 6.81%.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.