Bharti Infratel hits record high

Since December 2, the stock rallied 31% from Rs 285 on NSE as compared to nearly 3% fall in CNX Nifty.

Shares Bharti Infratel has surged nearly 13% to Rs 372 in early morning trade, also its record high on the National Stock Exchange (NSE), on back of heavy volumes.

At 0944 hours, a combined 1.26 million shares already changed hands against an average around 1.5 million shares that were traded daily in past two weeks on NSE and BSE.

Since December 2, the stock rallied 31% since the past seven trading sessions as compared to nearly 3% fall in the benchmark CNX Nifty.

According to reports, Bharti Infratel, telecom infrastructure major and a fully-owned subsidiary of market leader Bharti Airtel, is looking at the option of taking over the telecom towers of Vodafone and Idea Cellular in India at a valuation of Rs 5,000 crore.

On November 3, 2014, Bharti Infratel clarified on BSE that," Bharti Infratel seeks and receives proposals for potential transactions and evaluates various organic and inorganic opportunities as and when available.

The Company, as a matter of policy, does not comment on speculative news items but we can assure you that if and when any such disclosures become necessary, we will promptly do so at an appropriate time, it added.

At 1005 hours, the stock was trading at 7% higher at Rs 352 on NSE as compared to 0.73% decline in CNX Nifty.