Bharti Airtel share price: Market Movers: Bharti Airtel, Voda Idea breathe easy even as new JioPhone arrives
However, unlike the past when such an announcement would freak out the investors of the other two telecom companies, this time around it provided relief.
While the JioPhone Next is being offered at an attractive price point, the bundled mobile plans being tagged with it are anything but. According to Nomura India, the bundled mobile plans with Jio’s new phone are at a 20-30 per cent premium to regular daily data plans.
Jio’s move suggests it is ready to bring some semblance of pricing power back into the industry having destroyed pricing theories in the past. For investors of Bharti Airtel and Vodafone Idea, the fact that the prospects of tariff hikes are imminent, is a shot in the arm.
No surprise then that Bharti Airtel and Vodafone Idea rallied 4 per cent and 7 per cent, respectively.
Midcaps lead the recovery team
Over the past two weeks, the mood was sour on Dalal Street and suggested that there may not be a pre-Diwali bash this time around. However, today’s forceful bounce back after a rocky start suggests that the party may be on track and is being led by midcaps.
On Friday, when benchmark indices slid by more than 1 per cent, it was interesting that midcap and smallcap stocks fell less. That resilience shown on Friday bore fruit in today’s session as Nifty Midcap 100’s near 2 per cent gains outpaced all peers. May the party continue longer!
Shares of Oberoi Realty jumped nearly 7 per cent and inched closer to the Rs 1,000-mark after the company reported a stellar development at its latest Goregaon, Mumbai project.
The company said that it sold flats worth Rs 787 crore at its newly launched Elysian project in the western suburb of Goregaon. The project was launched on October 28 and has already generated record sales for the company.
For investors of other real estate developers, Oberoi Realty’s performance is another sign of a dream run picking pace in India’s real estate sector.
Metals get a retail hand
Retail investors brought the music and beverages to the pre-Diwali bash on Dalal Street today. The sector that benefitted the most from the merriment was the metal space.
The Nifty Metal index jumped over 3 per cent and was only overshadowed by another retail favourite, the Nifty Realty index. The gains in metal stocks were likely driven by some dip buying and short-covering given that doubts still remain over the sector’s ability to sustain 2021’s stellar show in the backdrop of a slowing China.