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Airtel acquires 355.45 MHz spectrum for Rs 18,699 cr

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Airtel.

Bharti Airtel on Tuesday said that it has acquired 355.45 MHz spectrum across Sub GHz, mid band and 2m300 MHz bands for a total consideration of Rs 18,699 crore in the latest spectrum auction conducted by the Department of Telecommunications (DoT).

A company statement said the the acquisition give Airtel the most formidable spectrum holdings in the country.

“Airtel has now secured pan-India footprint of Sub GHz spectrum that will help improve its deep indoor and in building coverage in every urban town,” it said.

In addition, this spectrum will also help improve its coverage in villages by offering the superior Airtel experience to an additional 90 million customers in India, it added.

Through this auction, Airtel has also strengthened its mid band and capacity spectrum holdings that will help it provide an exceptional customer experience at marginal capex. All the spectrum will enable Airtel to deliver 5G services in future.

Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel said: “Airtel now has a solid spectrum portfolio that will enable it to continue delivering the best mobile broadband experience in India. We are most excited at bringing the power of Airtel services to an additional 90 million customers in India through the power of our Pan India Sub GHz footprint.”

The company added that despite the large amount of spectrum made available, the 700 MHz band did not get any bid from the operators as it made no economic case for them based on the high reserve prices.

The 700 MHz band coupled with the 3.5 GHz band has the potential to accelerate India’s progress to the top league of digitally enabled nations. Therefore, the reserve pricing of these bands must be addressed on priority in future.

This will help the nation to benefit from the digital dividend that will inevitably arise out of this, the telco said.

Business

Zomato shares decline 9%, market cap falls below 1L cr

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Shares of online food aggregator Zomato declined 9 per cent intraday on Friday.

Analysts are linking the decline with unsupportive valuations. Over the past one-month period, Zomato shares fell nearly 18 per cent.

Listed in July 2021, Zomato shares are, however, up more than 50 per cent from its IPO issue price of Rs 76. On Friday’s closing, it was at Rs 114 per share.

“The costs have escalated due to the tax imposed on the aggregator, along with the fact that the lockdown is also not currently happening, which also appears to be a weakness,” said Ravi Singhal, Vice Chairman at GCL Securities.

With Friday’s losses, the company’s market capitalisation fell below the 1 lakh crore-mark, NSE data showed.

According to Ravi Singh, Vice President and Head of Research, Share India Securities: “The technical setup in Zomato stock is in bearish formation on intraday and daily which may drag the stock up to Rs 112-110 levels in the near term.

“The valuations of the company are also not supporting the growth. Zomato is facing tough competition from Swiggy in many ways, mainly having a thinner Metro restaurant network and density versus Swiggy. We recommend investors to maintain the sell position in the stock.”

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Business

Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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Business

Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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