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Informist, Friday, Jul 26, 2024

MUMBAI – Shares of telecommunication companies are likely to see positive movement in the upcoming week amid hopes of improvement in the growth trajectory of the sector, analysts said. Deven Mehata, an analyst with Choice Broking, said the stocks in the sector look good for upward movement. Mehata added that investors expect stocks linked to the sector to witness a good reversal from lower levels. "Indus Tower board is mulling the buyback of fully paid-up shares of the company, showing a rise in positivity about the sector," he said.

Earlier in the week, the budget today projected the government's receipts from the telecom sector at 1.20 trln rupees in 2024-25 (Apr-Mar). This is nearly 30% higher than the revised estimate of 935 bln rupees for last year. This comes after the government auctioned fifth-generation spectrum worth 113.41 bln rupees in June.

All eyes of the investors in the sector will be on Bharti Airtel, Brijesh Ail, head of technical and derivatives at IDBI Capital Markets & Securities said. He added that the company is expected to show positive momentum ahead of its June quarter results next month. As per brokerages, Bharti Airtel is likely to post sequential and on-year growth in its key earnings metrics, backed by subscriber additions, growth in its India operations, and recovery in its African business.

TOP HEADLINES

* Indus Towers board to consider share buyback on Tue
* Bharti Airtel expands Wi-Fi svc to 6 mln more households
* HFCL Apr-Jun consol PAT rises 63.5% YoY to 1.11 bln rupees
* Tata Tele Maha net loss widens YoY to 3.23 bln rupees in Apr-Jun
* Earnings Outlook: India, Africa ops to drive Bharti Airtel earnings
* BUDGET: FY25 telecom receipts seen 1.20 trln rupees, unch from interim
* CRISIL revises Bharti Airtel's long-term outlook to positive
* RailTel Corp gets 1.9-bln-rupee order from Ministry of Railways
* Route Mobile Apr-Jun consol PAT falls 11% QoQ, sales rises nearly 9%
* Tejas Networks' consol PAT 774.8 mln rupees in Apr-Jun vs loss yr ago

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

Reported by Pradeep Suresh V.

Edited by Manisha Baxla

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