Bharti Airtel regains second spot among India's most valuable listed firms

Bharti Airtel reclaimed the position of India's second-largest listed company by market capitalisation on November 6, with its value reaching roughly Rs 13.15 lakh crore after the stock closed at Rs 2,107. The move placed the telecom operator ahead of Jio Platforms, which stood at about Rs 12.95 lakh crore following its October 28 IPO. Reliance Industries, led by Mukesh Ambani, continued to hold the top spot with a market capitalisation of approximately Rs 17.86 lakh crore.

The ranking shift came a day after Airtel reported a 31% year-on-year increase in consolidated net profit for the September quarter, rising to Rs 8,887.5 crore from Rs 6,791.6 crore a year earlier. Mobile revenue in India grew 10.1% year-on-year, and average revenue per user improved to Rs 271, up from Rs 256. EBITDA also rose 17.8% to Rs 35,240 crore.

The broader market was buoyed by a seven-day rally in domestic equities. The Nifty 50 gained 2.01% to close at 25,030, while the BSE Sensex rose 2.17% to end at 81,028. Gains were led by the private-bank and financial-services indices, though small-cap and mid-cap segments posted modest declines.

"The strong earnings performance and improved ARPU underscore the resilience of our core business," a company spokesperson said.

Market breadth remained negative, with more stocks declining than advancing, and the India VIX volatility index climbed over 13% to near the 18-point level.