Bharti Airtel stock breaches ₹1,000 mark for first time; m-cap nears ₹6 lakh crore
₹1,000 mark for the first time. After multiple attempts in the past, today's trading session witnessed the stock successfully crossing this significant threshold, reaching an all-time high of ₹1,007 apiece, gaining 2.24% The stock has exhibited consistent growth in recent years, showcasing its robust performance. Notably, in CY19, it delivered an impressive return of 59%.
The positive momentum continued in subsequent years, with gains of 11.83% in CY20, 37% in CY21, and 18% in CY22. In the current year, Bharti Airtel has sustained its upward trajectory, recording a return of 23.56%, outperforming the benchmark Nifty 50, which registered a 10.62% gain during the same period. Also Read: Bharti Airtel CEO Gopal Vittal says tariffs in India are low and need to go up Surging to a historic high, Bharti Airtel's stock has propelled the company's market capitalisation close to the ₹6,00,000 crore mark.
At its peak price of ₹1,007, the company's market cap reached an impressive ₹5,71,291 crore. According to the BSE data, there are only nine Indian publicly listed firms with a market capitalisation of over ₹5,00,000 crore, and among these, Bharti Airtel secures seventh position. Also Read: IRFC, IndiGo, BoB among 9 stocks that crossed ₹1 lakh crore in m-cap since last Diwali In the quarter ending September 2023 (Q2 FY24), the company posted a net profit of ₹1,341 crore, marking a 37% decrease compared to the ₹2,145.2 crore reported in the same period last year.
The substantial, exceptional loss of Rs. 1,570 crore was attributed to heightened tax liabilities resulting from the Apex Court's reclassification of licensing fees as capital expenditure. This, coupled with other litigation liabilities have impacted the company's bottom
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