Adani Enterprises Limited (AEL) shares rose over 2% to an intra-day high of Rs 2,339.8 on the BSE on Monday, after reports that the Adani Group plans to participate in 5G auctions. The shares were trading close to their all-time high of Rs 2,420, set on April 27, 2022.

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Following the announcement, Bharti Airtel fell 5% to Rs 661.25. Vodafone Idea shares rose 6% to Rs 8.95 on the BSE in intraday trade, while state-owned business Mahanagar Telephone Nigam Limited rose 13% to Rs 22.15, and GTL and Indus Towers rose 8% (Rs 9.37) and 4% (Rs 217.85), respectively.

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Adani Group has said that it has no plans to enter the consumer mobility market. We are one of several applicants engaging in the open bidding process as India prepares to roll out next-generation 5G services through this auction, according to the Adani Group.

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“We are participating in the 5G spectrum auction to provide private network solutions along with enhanced cyber security in the airport, ports & logistics, power generation, transmission, distribution, and various manufacturing operations,” Adani Group said in a media statement.

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AEL is Adani Portfolio’s incubator arm. Through Adani New Industries Limited, AEL is driving the decarbonization of industries and mobility.

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Other next-generation AEL strategic business initiatives include airport management, roadways, data centres, and water infrastructure, all of which have tremendous value unlocking potential.