Shares of several Adani Group companies gained for the second straight session after the billionaire Gautam Adani-led conglomerate announced its plans to bid for 5G spectrum for private network solutions.
The group, on Saturday, clarified that its intention is not to enter consumer communication services, but to only bid for 5G spectrum to provide private network solutions.
PTI on Friday had reported that the group was planning a surprise entry to acquire telecom spectrum and compete with Bharti Airtel Ltd., Reliance Jio Infocomm Ltd. and Vodafone Idea Ltd. That caused the shares of Bharti Airtel to decline the most in more than 21 months.
“As we build our own digital platform encompassing super apps, edge data centres, and industry command and control centres, we will need ultra-high quality data streaming capabilities through a high-frequency and low latency 5G network across all our businesses,” Adani Group had said in its statement on Saturday.
Shares of Adani Green Energy Ltd. gained the most among group stocks, up as much as 7.5% before closing with 4% gains. The stock has risen about 19% in two days.
Adani Transmission Ltd., Adani Power Ltd., Adani Total Gas Ltd., Adani Ports and Special Economic Zone Ltd. and Adani Wilmar Ltd., too, advanced with Adani Enterprises Ltd. the only exception losing 0.3%.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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