Bharti Hexacom shares witnessed a significant rise of over 3% on Wednesday following the announcement of a major agreement involving spectrum usage. The company, a subsidiary of Bharti Airtel, along with its parent firm, has entered into definitive agreements with Adani Data Networks Limited (ADNL)—a subsidiary of Adani Enterprises. Under this agreement, Bharti Hexacom will acquire the rights to use 400 MHz of spectrum in the 26 GHz band across multiple Indian regions. These include Gujarat (100 MHz), Mumbai (100 MHz), Andhra Pradesh (50 MHz), Rajasthan (50 MHz), Karnataka (50 MHz), and Tamil Nadu (50 MHz).

Following the news, Bharti Hexacom’s stock surged 3.32%, reaching an all-time high of ₹1695.45 on the BSE, compared to its previous close of ₹1639.75. This pushed the company’s market capitalization to ₹83,602 crore. The stock has shown impressive growth, especially when compared to its 52-week low of ₹854.20, recorded on April 12, 2024.

Trading activity was also notable, with 7,492 shares changing hands, resulting in a turnover of ₹1.25 crore on the BSE. The market value of the firm at the time hovered around ₹83,200 crore. In a regulatory filing, Bharti Airtel stated that the agreement’s closing is subject to the satisfaction of standard conditions, including those outlined in the Spectrum Trading Guidelines, as well as other statutory approvals.

Meanwhile, Bharti Airtel’s own stock also saw gains, trading 0.57% higher at ₹1862.60 on the BSE. The telecom giant’s market capitalization stood at a robust ₹10.62 lakh crore.

Bharti Hexacom made its market debut on April 12 last year and had a strong start. The stock was listed at ₹755.20 on the BSE, marking a 32.49% premium over the issue price of ₹570. It mirrored this strong performance on the NSE with a listing price of ₹755, offering a 32.46% gain.

Bharti Hexacom Limited primarily offers fixed-line telephone and broadband services in the Rajasthan and North East telecom circles of India.