Telecom Titans Partner with SpaceX on High-Speed Internet Initiatives

Reliance Industries and Bharti Airtel stocks initially rose as both companies announced partnerships with SpaceX to offer Starlink's broadband services in India. Despite early gains, shares fell due to market volatility. These collaborations mark a strategic move to expand internet services, aligning with the vision to connect remote regions.

On Wednesday, Indian telecom giants Reliance Industries and Bharti Airtel witnessed their stocks make initial gains following announcements of strategic partnerships with Elon Musk's SpaceX to provide Starlink high-speed internet services across India. The news led to a temporary positive reaction in the stock market, although volatility soon followed.

Bharti Airtel's shares opened with a gain of 3.37% reaching Rs 1,717.25 on the BSE, before dropping by 1.28%. Similarly, Reliance saw an initial rise of 1.3% on the NSE; however, shares eventually dipped by 0.15%. The fluctuations were amid a broader decline where BSE Sensex fell by 413 points and NSE Nifty dropped by 139 points.

The partnerships underscore the telecommunications industry's drive to integrate satellite technology into their service offerings. With agreements subject to regulatory approval, these deals pave the way to enhance connectivity in India's remote areas. This comes against a backdrop of Vodafone Idea's significant subscriber losses, highlighting competitive challenges within the sector.

(With inputs from agencies.)