Shares of this telecom firm rise after signing an agreement with one of the leading renewable energy companies in India

After this announcement stock rose 1.17 per cent.

Nxtra Data, a subsidiary of Bharti Airtel, has agreed to acquire an additional 2,390,500 (5.464 per cent) equity shares of Rs 10 each in Avaada MH Amravati, a special purpose vehicle formed to own and operate the Captive Power Plant under the regulatory requirement for captive power consumption under electricity laws. 

The goal of the acquisition is to meet regulatory requirements for captive power plants under the terms of the Electricity Act of 2003 and the Indian Electricity Regulations of 2005, as well as to acquire cost-effective renewable energy. The transaction costs Rs 2.39 crore. 

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa. 

Bharti Airtel is presently trading at Rs 757 on the BSE, up 8.75 points or 1.17 per cent from its previous close of Rs 749. 

The stock began trading at Rs 755.25 and has since reached highs and lows of Rs 756 and Rs 754.54, respectively. Thus far, 42700 shares have been exchanged on the exchange. 

The BSE group 'A' stock with a face value of Rs 5 reached a 52-week high of Rs 877.10 and a 52-week low of Rs 629.05. The company's current market capitalization is Rs 4,20,699.66 crore. 

Currently, shares of Bharti Airtel are trading at a P/B of 5.76x, and a P/E of 59.7x. ROE of 5.86 per cent and ROCE of 12.0 per cent respectively at the start of FY24. 

In terms of shareholding, 55.12 per cent of the company’s shares are held by the promoters, while foreign institutions held 21.70 per cent, Domestic Institutions held 19.02 per cent and the public holds 4 per cent at the start of FY 24.