Bharti Airtel’s shares soared 6 per cent in early trade on Wednesday after the company received the approvals for 100 per cent foreign direct investment (FDI) in its relevant downstream companies. Shares of the telecom major were trading at ₹ 591.50, up by 25.75 points or 4.55 per cent on the National Stock Exchange (NSE) at noon. The bullish run of Bharti Airtel can coast it to touch its 52-week high of ₹ 612 which it had hit in May 2020 as per the National Stock Exchange (NSE).
On the Bombay Stock Exchange (BSE), Airtel’s 52-week high is of ₹ 611.7052 while 52-week low is of ₹ 381.05.
In regulatory a filing on Tuesday, the telecom major said that it is initiating the process to revise the foreign investment limit to 100 per cent with immediate effect.
“In compliance with the FDI approval dated January 20, 2020, granted to the company by the Department of Telecommunications (DoT), the company has received approvals for its relevant downstream investments. Accordingly, the company is initiating the process to revise its foreign investment limit, as notified to its depositors, to 100 per cent with immediate effect,” the company said in a release.