Bharti Hexacom shares rise 3% on deals with Adani Data Networks for spectrum usage

Shares of Bharti Hexacom rose over 3% on Wednesday after Bharti Airtel's subsidiary said it along with the parent firm has inked definitive agreements with Adani Data Networks Limited (ADNL), a subsidiary of Adani Enterprises to acquire rights to use of 400 MHz of spectrum in the 26 GHz band in Gujarat (100 MHz), Mumbai (100 MHz), Andhra Pradesh (50 MHz), Rajasthan (50 MHz), Karnataka (50 MHz) and Tamil Nadu (50 MHz). 

Bharti Hexacom stock surged 3.32% to Rs 1695.45 against the previous close of Rs 1639.75 on BSE. Market cap of the firm rose to Rs 83,602 crore

The stock touched its all-time high of Rs 1695.45 on April 23 this year and a 52 week low of Rs 854.20 on April 12, 2024.

A total of 7492 shares of the firm changed hands, amounting to a turnover of Rs 1.25 crore on BSE. Market cap of the firm rose to Rs 83,200 crore. 

"Bharti Airtel Limited and its Subsidiary, Bharti Hexacom Limited (“Airtel” or “Company”) have entered into definitive agreements with Adani Data Networks Limited (ADNL), a subsidiary of Adani Enterprises to acquire rights to use of 400 MHz of spectrum in the 26 GHz band in Gujarat (100 MHz), Mumbai (100 MHz), Andhra Pradesh (50 MHz), Rajasthan (50 MHz), Karnataka (50 MHz) and Tamil Nadu (50 MHz). The closing of the transaction is subject to satisfaction of the standard conditions (including conditions stated in the Spectrum Trading Guidelines) and statutory approval(s)," said Bharti Airtel. 

On the other hand, Bharti Airtel stock was trading 0.57% higher at Rs 1862.60 on BSE.  Market cap of Airtel stood at Rs 10.62 lakh crore. 

The stock made a strong market debut on April 12 last year.

Bharti Hexacom stock listed at Rs 755.20 on BSE, a premium of 32.49 per cent over the issue price of Rs 570 per share. The stock listed a premium of 32.46 per cent at Rs 755 on NSE.Bharti Hexacom Limited provides fixed-line telephone and broadband services to customers in Rajasthan and North East telecom circles in India.