Bharti Infratel trades firm on share buyback, dividend plan

The stock opened 2% higher at Rs 380 after declining 6% in past two trading sessions on the BSE.

Bharti Infratel has opened 2% higher at Rs 380 after declining 6% in past two trading sessions on the BSE after the company announced that shares buyback, dividend payment plan.

“The board of directors of the company will consider the recommendations for distribution of profits of the company till the financial year ended March 31, 2016, by way of dividend or buy back of a portion of fully paid up equity shares or a combination thereof, in its meeting scheduled to be held on April 26, 2016,” Bharti Infratel said in a filing.

Earlier, on April 7, the company said the board will meet on April 26, 2016, to consider and take on record the audited financial results for the fourth quarter (Q4) and financial year ended on March 31, 2016.

Thus far in 2016, the stock has underperformed the market by falling 13% as compared to 1% decline in the benchmark S&P BSE Sensex till yesterday. It touched a 52-week high of Rs 505 on May 29, 2015 in intra-day trade.

At 10:26 am, the stock was up 0.46% at Rs 375 as compared to 0.09% decline in the benchmark index. A combined 403,188 shares changed hands on the counter on the BSE and NSE so far.