Bharti Airtel extends gains after hiking stake in Qualcomm

Bharti Airtel rose 0.85% to Rs 303.80 at 9:21 IST

Meanwhile, the S&P BSE Sensex was up 178.26 points or 0.92% at 19,589.10.

On BSE, 14,000 shares were traded in the counter as against average daily volume of 2.66 lakh shares in the past one quarter.

The stock hit a high of Rs 306 and a low of Rs 303.50 so far during the day. The stock had hit a 52-week high of Rs 370.40 on 25 January 2013. The stock had hit a 52-week low of Rs 238.50 on 30 August 2012.

The stock had underperformed the market over the past one month till 4 July 2013, sliding 0.94% compared with the Sensex's 0.69% fall. The scrip had, however, outperformed the market in past one quarter, jumping 10.05% as against Sensex's 4.23% fall.

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

Shares of Bharti Airtel have risen 3.24% in two trading sessions from a recent low of Rs 294.25 on 3 July 2013, after the company during trading hours on Thursday, 4 July 2013 said it has subscribed to an additional 2% equity share capital in all the four India BWA entities of Qualcomm AP. The stock had risen 2.38% to settle at Rs 301.25 on Thursday, 4 July 2013.

Bharti Airtel said that with the latest subscription of additional 2% stake in all the four India BWA entities of Qualcomm AP, they have now become the subsidiaries of the company.

Bharti Airtel and Qualcomm had in May 2012 announced an agreement under which Bharti had acquired 49% interest in Qualcomm AP's India entities that hold BWA licenses in Delhi, Mumbai, Haryana and Kerala.

Bharti Airtel's consolidated net profit declined 49.4% to Rs 508.60 crore on 9.2% growth in net sales to Rs 20448.40 crore in Q4 March 2013 over Q4 March 2012.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.

Powered by Capital Market - Live News