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The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 5 paise to 83.44 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Monday, as the American currency and crude <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> retreated from their elevated levels. <keyword id="19950258" type="General" weightage="20" keywordseo="Forex" source="keywords">Forex</keyword> traders said foreign fund inflows also aided investors' sentiments and supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close. On Friday, the rupee settled at 83.49 against the US dollar. According to CR Forex Advisors MD Amit Pabari the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices. "Overall, positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee," Pabari said, adding that given these factors, the rupee is expected to trade within a broad range of 83.20 to 83.70 levels. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.86, lower by 0.01 per cent. Brent crude futures, the global oil benchmark, declined 0.03 per cent to USD 86.51 per barrel. On the domestic equity market front, the 30-share BSE Sensex fell 174.57 points, or 0.22 per cent, to 79,822.03 points. The broader NSE Nifty declined 13.05 points, or 0.05 per cent, to 24,310.80 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 1,241.33 crore, according to exchange data. On the domestic macroeconomic front, India's forex reserves dropped USD 1.713 billion to USD 651.997 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall kitty had dropped USD 2.922 billion to USD 652.895 billion. The reserves had touched an all-time high of USD 655.817 billion on June 7 this year. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-mukesh-ambani-led-telco-might-be-gearing-up-for-indias-biggest-ipo/articleshow/111519009.cms">Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike</a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms">HP Envy x360 14 review – feature-packed laptop with a sleek design</a>

Rupee rises 5 paise to 83.44 against US dollar in early trade

Telecom operator <keyword id="6354287" type="General" weightage="20" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword>'s consolidated net profit fell 2.8 per cent during Q3FY22 to Rs 830 crore on a year-on-year basis. In the same quarter of the previous fiscal, the consolidated net profit of the company stood at Rs 854 crore. On the other hand, the total revenues during Q3FY22 grew 12.6 per cent to Rs 29,867 crore, as against Rs 26,518 crore in the same quarter last fiscal. Besides, EBITDA grew 22.4 per cent to Rs 14,905 crore, against Rs 12,178 crore reported in the same quarter last fiscal. "We have delivered another quarter of sustained performance across all our business segments... The recent tariff revision for mobile services has gone down well and we are exiting the quarter with an industry leading ARPU of Rs 163," said Gopal Vittal, MD and CEO, India and South Asia in a statement. The full impact of the revised mobile tariffs, however, will be visible in the fourth quarter, he said. "Our Enterprise, Homes and Africa business continue to deliver strongly, with steady increase in contribution to the overall mix of the portfolio. Our balance sheet is robust and we are now generating healthy free cash flows. This has enabled us to recently prepay some of our spectrum liabilities to the government thereby reducing the interest burden." Furthermore, Google's recent investment in the company is a strong validation of <keyword id="15491" type="General" weightage="100" keywordseo="airtel" source="Orion">Airtel</keyword>'s role in being a leading pioneer of India's digital revolution, the statement said. "Our emerging digital services portfolio across Airtel IQ, AdTech, digital market place, Nxtra and digital banking positions us well to build an Airtel of the future," he added. Headquartered in India, Airtel is a global communications solutions provider with over 480 million customers in 17 countries across South Asia and Africa. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jio-laptop-inches-closer-to-launch-could-be-powered-by-windows-10-and-an-arm-processor/articleshow/89400900.cms">Jio laptop inches closer to launch, could be powered by Windows 10 and an ARM processor</a> <a href="https://www.businessinsider.in/business/telecom/news/30-day-monthly-recharge-plans-for-prepaid-users-now-as-per-trai/articleshow/89173110.cms">Prepaid mobile users may get to do one less recharge a year, but savings are not assured</a>

Bharti Airtel reports 12.6% increase in revenue, ARPU up by 6.5%

<ul><li>Bharti Airtel has discontinued its ₹49 entry level prepaid recharge plan and started ₹79 smart recharge offer.</li><li>Shares of the company rose 5% after the company announced the development.</li><li>With this, the telecom operator says it is focusing on offering superior connectivity solutions.</li></ul>Shares of Bharti Airtel gained 5% as the company announced that it has discontinued its cheapest prepaid recharge plan of ₹49. Instead it has started a new prepaid recharge pack of ₹79 that offers up to four times more outgoing minutes of usage to customers along with twice the amount of data. Basically, it has hiked its cheapest prepaid plan to ₹79. “This change is in line with the company’s focus on offering superior connectivity solutions. Airtel customers on entry level recharges can now stay connected for longer without worrying about their account balance,” the company said in a BSE statement. “If they have hiked the plan the stock would have reacted but I don’t think there is any long term positive on the stock...eventually they will have to compete with Jio and Vodafone Idea and the space is so overcrowded that eventually none of these players have any pricing power at all.. The stock has really gone nowhere in 13 years now and unlikely to as right now they are competing in a market which is so stiff that everybody wants to gain market share,” said Rajat Sharma, founder of Sana Securities. Traders in the market must have found this announcement as a positive and that is why the rise in stock price, added Sharma. Moreover, a <a href="https://economictimes.indiatimes.com/markets/stocks/news/why-bharti-airtel-and-other-telecom-stocks-are-rallying-in-a-weak-market/articleshow/84819255.cms">report</a> said the telecom stocks were rallying as a report suggested that the government was considering a slew of long-term measures to improve the health of the debt-laden telecom sector, which includes prospectively redefining adjusted gross revenue (AGR) to exclude ‘non-telecom’ items and allowing telcos to surrender unused spectrum for a small penalty. As per The Economic Times report, the government was also considering other measures with the Department of Telecommunications (DoT) including a reduction in licence fees (LF) and spectrum usage charges (SUC) and phasing out of bank guarantees. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/list-of-stocks-are-down-today-like-zomato-dixon-technologies-cdsl-happiest-minds-shree-renuka-sugars-and-more/slidelist/84817104.cms">It's not just Zomato — From Happiest Minds to CDSL, some of India's hottest stocks are melting too </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-to-help-company-for-payment-of-loan-and-interest/articleshow/84818263.cms">Rolex Rings’ IPO to help company focus on growth and come out of corporate debt restructuring </a>

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Rupee rises 5 paise to 83.44 against US dollar in early trade

PTI

Bharti Airtel reports 12.6% increase in revenue, ARPU up by 6.5%

IANS

Bharti Airtel gains 5% as its cheapest prepaid plan gets costlier by ₹30

Bhakti Makwana

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