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Bharti Airtel share price jumps 3% after 4G deal with Nokia, volumes surge 77%

Telecom major Bharti Airtel share prices jumped over 4 percent intraday on May 4 after Finnish telecom gear maker Nokia had announced signing a deal worth Rs 7,500 crore with the telecom service provider to enhance the mobile operator’s network capacity in nine circles across the country.

The stock was trading close to its all-time high of Rs 569 per share and was quoting at Rs 531.00, up Rs 16.65, or 3.24 percent at 14:40 hours. It witnessed spurt in volume by more than 2.00 times and was trading with volumes of 891,425 shares, compared to its five day average of 501,323 shares, an increase of 77.81 percent.

“The Company already has a long term strategic partnership with Nokia since a decade for enhancement of the network capacity of its networks, amongst others. As a part of its ongoing business requirements, the Company has renewed and enhanced its on-going relationship with Nokia to boost its network capacity and customer experience,” Bharti Airtel said in exchange filing.

The scrip was one of the most active stocks on NSE in terms of value with 3,09,38,299 shares being traded.

According to Moneycontrol SWOT Analysis powered by Trendlyne Bharti Airtel has shown strong momentum with price above short, medium and long term moving averages.

The company has zero promoter pledge, and the book value is also improving for the last 2 years.

In terms of technical rating on Moneycontrol, it is very bullish.

Sameet Chavan of Angel Broking recommends buying Bharti Airtel with target price at Rs 560, an upside of 9 percent. He is of the view that the stock has been consolidating above the 50 and 89-EMA for the last few sessions and has now broken above this consolidation on the upside, confirming a continuation pattern known as ‘Pennant’. The momentum oscillator RSI is pointing northward after the recent dip, supporting the buy call.

―Money Control

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