Bharti Airtel rallies as SingTel pledges support for consolidation drive
SingTel, the largest foreign investor in Bharti pledges support to lead a consolidation drive of the local telecoms industry.
Bharti Airtel has rallied over 5% at Rs 355 on reports that Singapore Telecommunications Ltd (SingTel), the largest foreign investor in the company pledges support to lead a consolidation drive of the local telecoms industry.
“India desperately needs consolidation. Globally, the mobile industry is a scale game," said Simon Israel, chairman of SingTel, in an Economic Times report.
The Indian government is announcing new merger and acquisition rules in October, which is expected to further help consolidate the fragmented telecoms sector. It recently lifted a cap on foreign investments, allowing local telcos to be 100% foreign investments, added report.
The stock opened at Rs 345 and touched high of Rs 359 on NSE. A combined 2.15 million shares change hands on the counter so far on NSE and BSE.
“India desperately needs consolidation. Globally, the mobile industry is a scale game," said Simon Israel, chairman of SingTel, in an Economic Times report.
The Indian government is announcing new merger and acquisition rules in October, which is expected to further help consolidate the fragmented telecoms sector. It recently lifted a cap on foreign investments, allowing local telcos to be 100% foreign investments, added report.
The stock opened at Rs 345 and touched high of Rs 359 on NSE. A combined 2.15 million shares change hands on the counter so far on NSE and BSE.