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Gift Nifty Up 114 Points | Airtel to Lead Telecom Traffic Hike | Vodafone Idea to Launch FPO | Top Buzzing Stocks Today
Fri, 12 Apr Pre-Open

Airtel to Lead Telecom Traffic Hike | Vodafone Idea to Launch FPO | Top Buzzing Stocks Today

Indian share markets continued the momentum as the session progressed and ended the day higher.

Equity benchmark indices were seen held steady gains in Wednesday's deals amid mixed cues from global peers.

At the closing bell on Wednesday, the BSE Sensex closed higher by 354 points (0.4%).

Meanwhile, the NSE Nifty closed higher by 92 points (up 0.4%).

Coal India, BPCL and ITC were among the top gainers.

Cipla, HDFC Life and Maruti Suzuki on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day higher. The BSE Mid Cap ended 0.9% higher and the BSE Small Cap index ended 0.5% higher.

Sector indices were trading positive, with stocks in oil & gas sector, realty sector, and power sector witnessing buying.

Gold prices for the latest contract on MCX were marginally higher at Rs 71,412 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:30 AM today, the Gift Nifty was trading 114 points higher at 22,670 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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Top buzzing stocks today

Maruti Suzuki share price will be in focus today.

Maruti Suzuki on 10 April said that it has increased prices of Swift and selected variants of Grand Vitara Sigma effective today.

Prices of Swift have been raised by up to Rs 25,000 and Grand Vitara Sigma variant by Rs 19,000.

Sun Pharma Advanced will also be a top buzzing stock.

Shares of Sun Pharma Advanced Research Company (SPARC) fell 5% to hit the lower circuit on 10 April after the Mumbai-based pharma company said it was abandoning Phase 2 study on Vodobatinib for Parkinson's.

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Airtel to Lead Traffic Hike

The Indian telecom industry will see a 15-17% tariff hike after the general election around July-October with Bharti Airtel taking the lead, said analysts.

The last hike of about 20% was in December 2021.

The company will be the biggest beneficiary of the tariff hike as it will be able to increase its ARPU to Rs 286 by the end of FY27, up from the current Rs 208.

They said that the telco's subscriber base will also grow at 2% per annum as against industry growth of 1% per annum.

Bharti Airtel has repeatedly reiterated the need to increase the current ARPU from Rs 200 to Rs 300, given that India remains among the cheapest in the world.

The December 2019 tariff hike was the first one after Jio launched its service in 2016, and it was followed by another hike in December 2021.

The 2019 hike increased the tariff by 20-40%, while the 2021 hike saw an increase of 20%, providing an ARPU uplift of Rs 30 and 36 over four quarters to Airtel, respectively.

Bharti Airtel will lead the tariff hike, which will stabilize the telco's ARPU to Rs 260-plus levels by FY26.

The top two players have been gaining market share over the last almost 5.5 years, at the expense of Vodafone Idea and BSNL-the former due to its financial woes and the latter its execution troubles.

Revenue market share changes are directionally similar, but the swing is lower on account of varying price changes and the 2G vs. 4G mix. VI was down from 35.3% in 4QFY18 to 19.3% in 4QFY23, Jio was up from 24.4% to 44.5%, and Bharti Airtel was up from 28.7% to 35.8%.

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Vodafone Idea to Launch FPO

Vodafone Idea (Vi) is gearing up to launch a follow-on public offer (FPO) to raise Rs 180-200 bn by the middle of next week.

The debt-laden telecommunications company has enlisted Jefferies, SBI Caps and Axis Capital as lead managers for the FPO, the largest offerings of its kind in India. However, none of the banks are underwriting the issue.

Yes Bank's Rs 150 bn FPO has been the largest such share sale in the Indian market, so far.

Adani Enterprises Rs 200 bn FPO in January 2023 would top it but the Gautam Adani flagship company called off the offer after the Hindenburg Research report alleged several governance lapses at the Adani group.

The fundraising has the backing of the government of India, which is the largest shareholder in the company at 33%, sources said, adding that some investors reached out to the government before committing to invest in the FPO.

The move comes amid intense competition and financial challenges in the telecom sector.

Vodafone Idea has been grappling with a significant debt burden and operational losses, exacerbated by regulatory issues, resulting in a decline in its subscriber base and market share.

Indigo Becomes World's Third Largest Airline

Shares of Interglobe Aviation Limited scaled a fresh record high on April 10 by trading 5% higher at Rs 3,801 apiece during afternoon trade, thus extending their gains for the fourth day in a row.

Wednesday's gains made the carrier the world's third-largest airline in terms of market capitalisation. The 22% rally in the last month has taken the stock of InterGlobe Aviation, the operator of IndiGo airline in India, to over Rs 1,460 bn (US$ 17.5 bn) in total value.

In December 2023, it surpassed United Airlines to become the sixth-largest airline in the world. Data shows that Delta Air and Ryanair Holdings are the top two airlines with US$ 30.4 bn and US$ 26.5 bn m-cap, respectively.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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