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Bharti Airtel edges higher after acquiring stake in Juggernaut Books

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rose 1% to Rs 488 at 14:00 on after the company through its wholly owned subsidiary acquired a strategic equity stake in Juggernaut Books.

The announcement was made during trading hours today, 4 December 2017.

Meanwhile, the S&P Sensex was up 26.86 points or 0.08% at 32,859.80.

On the BSE, 94,219 shares were traded on the counter so far as against the average daily volumes of 77.34 lakh shares in the past one quarter. The stock had hit a high of Rs 491.90 and a low of Rs 484.85 so far during the day. The stock had hit a 52-week high of Rs 565 on 3 November 2017. The stock had hit a 52-week low of Rs 289.25 on 26 December 2016.

The stock had underperformed the market over the past one month till 1 December 2017, falling 10.24% compared with the Sensex's 2.28% decline. The stock had, however, outperformed the market over the past one quarter, advancing 14.39% as against the Sensex's 2.95% rise. The scrip had also outperformed the market over the past one year, jumping 51.44% as against the Sensex's 23.62% rise.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

said that it has through its wholly owned subsidiary Nettle Infrastructure Investments (Nettle), acquired a strategic equity stake in Juggernaut Books (Juggernaut), a popular digital platform to discover and read high quality, affordable books and to submit amateur writing.

The investment is in line with Airtel's endeavour to build an open content ecosystem and bring world-class digital content to its customers. The investment from Airtel (through Nettle) will enable Juggernaut to ramp up content acquisition, digital marketing and prepare for a subscription offering launch in the next few months.

Bharti Airtel's consolidated net profit fell 63.7% to Rs 586.10 crore on 11.7% decline in net sales to Rs 21776.90 crore in Q2 September 2017 over Q2 September 2016.

is a leading global telecommunications company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 14:11 IST
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