Bharti Airtel today rose over 6% to Rs.601, not too far from its 52-week high of Rs.611.70. Volumes jumped up over two times.
The stock rose after the company received approvals for its downstream investments.
It stated, "In compliance of 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.”
The company said that it is now initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.
Following this, many brokerage houses have upped their rating and price targets on the stock, putting it in the limelight.