Shares of Bharti Airtel Ltd gained over 3% intraday after the telecom operator announced an agreement with Elon Musk's SpaceX to bring Starlink's high-speed internet to India. The collaboration would explore opportunities and is pending regulatory authorisations.
Bharti Airtel stock hit an intraday high of Rs 1717.25, rising 3.37% in the current session. Bharti Airtel stock opened higher at Rs 1,704.95 today.
The large cap stock has gained 3.09 per cent this year and risen 37% in a year.
Bharti Airtel’s market cap fell to Rs 9.38 lakh crore in the current trading session. Total 4.43 lakh shares changed hands amounting to a turnover of Rs 73.48 crore on BSE.
Bharti Airtel stock has a one-year beta of 1, indicating average volatility during the period.
Later, the stock ended 0.95% lower at Rs 1645.40 on BSE.
Bharti Airtel said the venture is a first in the country and is contingent on SpaceX obtaining necessary regulatory approvals to sell Starlink services within the region.
Managing Director and Vice Chairman of Bharti Airtel Gopal Vittal expressed the importance of this collaboration, stressing that it marks "a significant milestone" in their commitment to satellite connectivity. He stated that the partnership will assist in providing world-class broadband services to even the most remote areas in India, ensuring reliable internet access for all.
"Starlink will complement and enhance Airtel’s suite of products to ensure reliable and affordable broadband for our Indian customers – wherever they live and work," Vittal noted.
Gwynne Shotwell, President and Chief Operating Officer of SpaceX, also voiced enthusiasm for the partnership, highlighting the potential transformative impact of Starlink in India.
She remarked, "We are excited to work with Airtel and unlock the transformative impact Starlink can bring to the people of India." Shotwell acknowledged the pivotal role Airtel has played in India’s telecommunications development, recognising that collaborating with them aligns well with SpaceX's strategies to extend their service reach and effectiveness.