Bharti Airtel gains after acquiring 100% in WBS

Bharti Airtel rose 1.38% to Rs 353.50 at 14:40 IST on BSE after the company said that it acquired 100% stake in Wireless Business Services.

The company made the announcement during market hours today, 18 October 2013

Meanwhile, the BSE Sensex was up 460.11 points, or 2.25%, to 20,875.62.

On BSE, 4.57 lakh shares were traded in the counter compared with average volume of 3.40 lakh shares in the past one quarter.

The stock hit a high of Rs 354.35 and a low of Rs 349.30 so far during the day. The stock hit a 52-week high of Rs 370.40 on 25 January 2013. The stock hit a 52-week low of Rs 261.25 on 19 October 2012.

The stock had outperformed the market over the past one month till 17 October 2013, rising 3.38% compared with the Sensex's 3.09% rise. The scrip had also outperformed the market in past one quarter, gaining 10.40% as against Sensex's 2.34% rise.

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

Bharti Airtel said that it has completed the acquisition of 100% equity shares of Wireless Business Services (WBS), which holds Broadband Wireless Access (BWA) spectrum in the Indian telecom circles of Mumbai, Delhi, Haryana and Kerala. With this, WBS has become a wholly-owned subsidiary of Bharti Airtel.

Bharti Airtel will announce Q2 September 2013 results on 30 October 2013. The company's consolidated net profit as per International Financial Reporting Standards fell 9.6% to Rs 689 crore on 9.2% growth in revenue to Rs 20264 crore in Q1 June 2013 over Q1 June 2012.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 276 million customers across its operations at the end of August 2013.

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