Bharti Airtel Shares Hit 52-Week High On Partnership With Italy's Sparkle
Airtel will utilise Sparkle’s infrastructure to increase its capacity on the Blue-Raman route, which provides a low-latency link between Asia and Europe.
Bharti Airtel's shares hit a 52-week high on Thursday as Airtel Business, the enterprise arm of the company, signed a strategic agreement with Sparkle, Italy’s leading international service provider, for additional capacity on the Blue-Raman submarine cable systems. The scrip gained 4.02%.
This deal will enhance the connection between India and Italy by expanding Airtel’s global undersea cable network, the company informed in an exchange filing.
Under the agreement, Airtel will utilise Sparkle’s infrastructure to increase its capacity on the Blue-Raman route, which provides a low-latency link between Asia and Europe. This move is aimed at strengthening Airtel's ability to meet the growing demand for data services across India and neighbouring regions.
The partnership will also foster new business opportunities and collaborative projects in the Indian subcontinent, leveraging both companies' cable networks. Vani Venkatesh, chief executive officer of global business at Airtel Business, highlighted that the agreement will help Airtel further solidify its position in global connectivity and meet the increasing data needs of its customers.
Enrico Bagnasco, chief executive officer of Sparkle, expressed enthusiasm about the agreement, noting that it supports the digital growth of the region and enhances the longstanding relationship with Bharti Airtel, as per the filing.
Airtel Business, known for its ICT services, operates a vast network of submarine cables, satellite connections, and global networks spanning over 4 lakh route kilometres across 50 countries. This latest agreement with Sparkle marks a significant expansion in Airtel’s capabilities to provide secure and efficient connectivity solutions globally, the company said via an exchange filing.
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Bharti Airtel's shares hit a 52-week high as the scrip rose 4.02% to 1,641.20 apiece. It pared gains to trade 4% higher at Rs 1,640.95 apiece, as of 02:47 p.m. This compares to a 0.62% rise in the NSE Nifty 50 index.
It has risen 84.29% in the last 12 months. Total traded volume so far in the day stood at 0.48 times its 30-day average. The relative strength index was at 74.
Out of 33 analysts tracking the company, 24 maintain a 'buy' rating, seven recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 2.3%.
