The stock market returned on Wednesday after a break on Tuesday for Eid, and telecom stocks appear to be having a tough start. Both Bharti Airtel and Reliance Industries Limited (RIL), Reliance Jio’s parent firm, are in the red. Vodafone Idea (Vi), on the other hand, has had a solid start to the trading day.
The stock of Vodafone Idea is currently trading at Rs 9.45, up 1.61 percent from the previous close. It’s a little tough to see why the telco is profitable now.
S tock of RIL is in the red ahead of the results
On May 6, 2022, Reliance Industries Limited (RIL) will release its results for the previous quarter as well as the previous financial year. On that day, the company’s board of directors will convene to approve the financial results, which will subsequently be revealed to investors and the general public. Reliance Industries Limited is also scheduled to launch Reliance Jio’s IPO (Initial Public Offering) in 2023. Furthermore, the corporation intends to spin out its retail business and list it on the stock exchange.
The company’s stock is down 0.41 percent at Rs 2768.50 ahead of the announcement of earnings, which are expected to be generally good.
Bharti Airtel, the second-largest telecom operator, is also predicted to have a strong year in FY22 and is now trading 0.86 percent down at Rs 735 in the previous quarter.
Vodafone Idea (Vi) said on Monday that it is collaborating with the Indian Council for Research on International Economic Relations (ICRIER) to establish the ‘InViCT’ Telecom Centre of Excellence (TCE).
The goal of this new TCE is to bring stakeholders from academics, government, and industry together on a single platform to help realise the Digital India vision. In the long run, this will benefit the telecom business.