Bharti Airtel share price rises on launching ‘Airtel IoT’; costs maintain buy
IoT: Bharti Airtel’s share price rose a percent in early trade on April 8th after the company launched ‘Airtel IoT‘. An integrated platform that enables enterprises to harness the power of the Internet of things and be ready for the emerging era of connected things.
Moreover, Airtel IoT is an end-to-end platform with the capability to connect and manage billions of devices and applications in a highly secure and seamless fashion, the company said in the release.
As per Ajay Chitkara, Director & CEO – Airtel Business, “Enterprises have three key requirements for IoT. First, connectivity solutions that future proof their device and application investments. Second, the security of their data, and Third, seamless integration with existing IT systems to make IoT data actionable.
Meanwhile, Airtel IoT is built on these insights to massively simplify the IoT journeys of enterprises. Now foreign broking house CLSA has maintained buy on Bharti Airtel with a target at Rs. 730 per share. The company has been assertively digitizing its operations while improving ESG underlined by longstanding Singtel partnership, reported CNBC-TV18.
However, on April 6th Bharti Airtel announced an agreement with Reliance Jio Infocomm to transfer the ‘Right to Use’ of Airtel’s 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz), and Mumbai (2.50 MHz) to Jio. The agreement is subject to statutory approvals.
On the other side, this stock, after an extended consolidation, has witnessed a falling channel pattern breakout on the daily timeframe and is currently trading above its trendline support.
The share touched a 52-week high of Rs. 623 and a 52-week low of Rs. 394.05 on 4th February 2021 and 19th October 2020, respectively. Now, it is trading 12.76 percent below its 52-week high and 37.93 percent above its 52-week low.