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Bharti Airtel’s head Sunil Mittal today suggested that the time for tariff hikes was now and that the company’s average revenue per user will move towards Rs 200 per user per month within this financial year.

This month so far Nifty has gained 7.4 per cent, outperforming its peers. However, this surge in a single trading day has taken the indices to the overbought territory on shorter time frame charts.

The airline plans to garner up to Rs 3,600 crore through sale of shares, according to the Draft Red Herring Prospectus (DRHP). It also plans to raise up to Rs 1,500 crore by way of a pre-IPO (Initial Public Offer) placement.

The Nifty IT index closed 0.58 per cent down at 34109.25.

Nifty50 formed a strong bullish candle on the daily scale, making higher highs and lows on the lower time frame chart.

“We believe that investment and manufacturing growth are likely to continue to be drivers of overall economic activity in the country and policy initiatives are also focused towards that.”

He further added that the AGR and spectrum payments added to companies debt burden and that he expectes that the burden on the telecom industry will come down.

“At Rs 150-160 as ARPU per month, it would additionally contribute to around Rs 18,000-20,000 crore worth of revenue and at 50% EBITDA, it should have the potential of contributing around Rs 9,000-10,000 crore of EBITDA.”

The NSE Nifty index closed 225.85 points up at 16931.05

In the international market, gold was trading lower at $1,814 per ounce and silver was flat at $23.99 per ounce.