Airtel Shares Surge After Advance Payments to DoT for 5G Spectrum Purchase

Airtel share price has gained 4.5 percent in the past two trading sessions.

Airtel Shares Surge After Advance Payments to DoT for 5G Spectrum Purchase

Bharti Airtel said it has paid Rs. 8,312.4 crore to the Department of Telecom

Highlights
  • Airtel's shares rose sharply after it made advance payments
  • Airtel has paid 4 years of 2022 spectrum dues upfront
  • Airtel cleared Rs. 24,333.7 crore of its deferred spectrum liabilities

The share price of telecom service provider Bharti Airtel surged on Thursday after the company made advance payments for 5G spectrum purchase. Bharti Airtel share price surged 1.59 percent to close at Rs. 733.25 on the BSE on Thursday. The scrip touched a high of Rs. 735.70 in the intra-day.

Bharti Airtel share price has gained 4.5 percent in the past two trading sessions.

The company's shares rose sharply after it made advance payments for the 5G spectrum. Bharti Airtel on Wednesday said it has paid Rs. 8,312.4 crore to the Department of Telecom (Government of India) towards dues for spectrum acquired in the recently concluded 5G auctions.

Airtel has paid 4 years of 2022 spectrum dues upfront. The company believes that this upfront payment coupled with the moratorium on spectrum dues and AGR related payments for four years will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G rollout.

Over the last year, Airtel has also cleared Rs. 24,333.7 crore of its deferred spectrum liabilities much ahead of scheduled maturities.

The government announced that the telecom operator has been allocated the spectrum within a few hours of making the payments.

Bharti Enterprises Chairman Sunil Bharti Mittal praised the government for a quick 5G spectrum allocation. "No fuss, no follow up, no running around the corridors and no tall claims. This is ease of doing business at work in its full glory. In my over 30 years of first-hand experience with the DoT (Department of Telecommunications), this is a first! Business as it should be," Mittal said in a statement.


Do the Galaxy Z Fold 4 and Z Flip 4 offer enough over last year's models? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Bharti Airtel
Asset Managers Tighten Controls on Personal Communication Amid ‘WhatsApp’ Crackdown on Banks
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.