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Bharti Airtel added 37.7 lakh new customers in September; share price gains 3%

Bharti Airtel led mobile subscriber growth in September 2020 with a net addition of 3.77 million new customers. It was followed by Reliance Jio with net addition of 1.46 million.

December 04, 2020 / 11:24 AM IST
 
 
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Bharti Airtel share price jumped over 3 percent intraday on December 4 after the telecom major pipped Reliance Jio in new mobile subscriber addition in September after a gap of four years.

Reliance Jio had maintained a lead in monthly mobile subscriber addition since the launch of its commercial operations in September 2016. It had added 15.97 million new customers when it commenced commercial operations.

Bharti Airtel led mobile subscriber growth in September 2020 with a net addition of 3.77 million new customers. It was followed by Reliance Jio with net addition of 1.46 million.

Reliance Jio led the market in terms of overall mobile subscriber base with 404.12 million customers. It was followed by Bharti Airtel with 326.61 million subscribers, Vodafone Idea with 295.49 million customers, BSNL with 118.89 million subscribers and MTNL with 3.33 million customers.

The total telecom subscriber base in the country increased marginally to 1,168.66 million in the reported month

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The stock was trading at Rs 493.90, up Rs 13.95, or 2.91 percent at 11:07 hours. It has touched an intraday high of Rs 496.50 and an intraday low of Rs 483.35.

Shabbir Kayyumi is the Head of Technical Research at Narnolia Financial Advisors has a buy recommendation on Bharti Airtel with a target at Rs 535. The stock is expected to give head and shoulders breakout on the daily chart with a decent volume. The bullish crossover in Stochastic and MACD are looking supportive for this upside breakout.

"Key support lies at Rs 450 until this breaks decisively, long position can be held. Investors can take entry with a stop loss of Rs 450 on a closing basis for the target of Rs 535," he added.

Disclosure: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Dec 4, 2020 11:24 am

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