Bharti Infratel surges on tie up with Reliance Jio for tower sharing

The stock has rallied nearly 5% to Rs 201 on the BSE.

Bharti Infratel has rallied nearly 5% to Rs 201 on the BSE, after Reliance Jio Infocomm signed an agreement with the company to utilise the telecom tower infrastructure of the latter to launch its services across the country.

As per the agreement, the pricing would be at ‘arm’s length,’ based on prevailing market rates, Bharti Infratel said in a statement. This agreement is in line with the earlier comprehensive telecom infrastructure sharing arrangement with Bharti Airtel aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment.

Reliance Jio Infocomm is a subsidiary of Reliance Industries Limited and the first telecom operator to hold pan-India Unified Licence.

The stock opened at Rs 197 and touched a high of Rs 205 on the BSE. A combined around 75,000 shares have changed hands on the counter till 0920 hours on the BSE and NSE. Since February 24, the stock has rallied 18% from Rs 170, as compared to 2.2% rise in benchmark S&P BSE Sensex.