BOM:532454

Indian Equities Rally on Monday as US-Iran Peace Deal Lifts Sentiment

Indian benchmark indices climbed nearly 1% on Monday as investors welcomed a peace agreement between the U.S. and Iran.The truce ended nearly four months of conflict, easing geopolitical concerns. The agreement boosted risk appetite across global markets and triggered broad-based buying in Indian equities.The BSE Sensex rose 736.38 points, or 1%, to close at 76,264.33, while the NSE Nifty 50 gained 231.00 points, or also 1%, to settle at 23,853.90.Lower crude oil prices added to the positive mood.Analysts believe market participants will now focus on the progress of the monsoon season, potential El Niño-related risks, and the upcoming earnings season for clues on corporate growth and profitability.In corporate developments, four Vedanta Group companies - Vedanta Aluminium Metal (NSE:VAML, BOM:544780), Vedanta Power (NSE: VEDPOWER, BOM:544781), Vedanta Oil & Gas (NSE:VOGL, BOM:544782), and Vedanta Iron & Steel (NSE:VISL, BOM:544784) - began trading on Indian exchanges, completing the group's demerger into sector-focused businesses.Meanwhile, Bharti Airtel (NSE:BHARTIARTL, BOM:532454) said nearly all shareholders approved a transaction that will increase its effective stake in Airtel Africa to about 79%. The deal involves the issuance of equity shares to a promoter group entity and does not require any cash outflow.

Bharti Airtel Shareholders Approve Consolidation of Airtel Africa Stake

Bharti Airtel (NSE:BHARTIARTL, BOM:532454) said nearly 100% of its shareholders have approved a transaction to consolidate its holding in Airtel Africa, according to an Indian bourse filing on Monday.The deal involves issuing equity shares to Indian Continent Investment, a promoter group entity, in exchange for its 16.31% stake in Airtel Africa, the filing said. The transaction does not involve any cash outflow, it added.Bharti Airtel said its effective stake in Airtel Africa will rise to about 79% upon deal completion. The deal is subject to regulatory approvals, it added.Shares of Bharti Airtel rose nearly 1% in recent trade.

Bharti Airtel Expands 5G Network Across Upper North Region

Bharti Airtel (NSE:BHARTIARTL, BOM:532454) said it deployed more than 2,900 new 5G sites across its Upper North region over the past 12 months, according to a company statement on Wednesday.The expansion covers 77 districts across Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir, extending 5G connectivity to more than 28.6 million customers.The telecom operator said the rollout is aimed at expanding network coverage and capacity across urban and rural markets in the region.Shares of the company fell nearly 1% in recent trade.

Bharti Airtel Slapped with Fine Over Alleged Subscriber Verification Violations

Bharti Airtel (NSE:BHARTIARTL, BOM:532454) has received a notice from the Department of Telecommunications in Andhra Pradesh, India, imposing a penalty of 667,000 Indian rupees for alleged violation of subscriber verification norms.The telecom services provider said it decided not to contest the penalty and pay the fine, according to a Tuesday filing to the Indian bourses.

IIFL Downgrades Bharti Airtel to Add from Buy; Price Target is INR2,106

Jefferies Adjusts Bharti Airtel's Price Target to INR2,350 From INR2,250, Keeps at Buy

Bharti Airtel (NSE:BHARTIARTL, BOM:532454) has an average rating of buy and mean price target of 2,341.31 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Bharti Airtel's Consolidated Profit Drops in Fiscal Q4

Bharti Airtel (NSE:BHARTIARTL, BOM:532454) recorded a sharp decline in its consolidated attributable profit to 73.3 billion Indian rupees in the fiscal fourth quarter ended March 31, against 110.2 billion rupees a year ago.Earnings per share slipped to 12.15 rupees compared with the year-ago figure of 18.38 rupees, according to a Wednesday filing to the Indian stock exchanges by the telecom services provider.Revenue from operations in fiscal Q4, however, rose to 553.8 billion rupees from 478.8 billion rupees a year earlier.The company's board recommended a final dividend of 24 rupees per share for the financial year ended March 31.