Bharti Airtel extends gains as promoter hikes stake

Meanwhile, the S&P BSE Sensex was up 236.78 points or 1.26% at 19,063.94.

On BSE, 67,000 shares were traded in the counter as against average daily volume of 3.62 lakh shares in the past one quarter.

The stock hit a high of Rs 292.40 and a low of Rs 289 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 13 June 2013, sliding 7.72% compared with the Sensex's 4.39% fall. The scrip had also underperformed the market in past one quarter, falling 9.45% as against Sensex's 2.77% decline.

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

Shares of Bharti Airtel have risen 4.51% in two trading sessions from a recent low of Rs 277.95 on 12 June 2013. The stock had surged 3.47% to settle at Rs 287.60 on Thursday, 13 June 2013.

Bharti Telecom, a promoter group entity of Bharti Airtel, purchased 18.17 lakh shares of Bharti Airtel for around Rs 50.90 crore through open market transactions this week. Bharti Telecom's stake in the company has increased to 45.81% post the purchase from 45.77%, the company said in a filing to the BSE. Bharti Telecom bought 6 lakh shares for Rs 17.07 crore on 10 June 2013, 6.75 lakh shares for Rs 18.74 crore on 12 June 2013 and another tranche of 5.42 lakh shares for Rs 15.09 crore on 12 June 2013, the filing added.

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