Bharti Airtel gains after Africa tower sale plan to Helios called off

Bharti Airtel rose 2.41% to Rs 431.25 at 13:47 IST on BSE after the company said its agreement with Helios Towers Africa for sale of its tower assets in Tanzania and Tchad stands terminated.

The announcement was made after market hours yesterday, 17 June 2015.

Meanwhile, the BSE Sensex was up 304.73 points, or 1.14%, to 27,137.39.

On BSE, so far 15.61 lakh shares were traded in the counter, compared with an average volume of 3.47 lakh shares in the past one quarter.

The stock hit a high of Rs 432.60 and a low of Rs 414.10 so far during the day. The stock hit a 52-week high of Rs 434.70 on 29 May 2015. The stock hit a 52-week low of Rs 326.75 on 14 July 2014.

The stock had outperformed the market over the past one month till 17 June 2015, rising 7.30% compared with 1.80% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.87% as against Sensex's 6.62% fall.

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

Bharti Airtel said that the agreements for sale of tower assets in Tanzania and Tchad between the respective subsidiaries of Bharti Airtel and Helios Towers Africa (HTA) have lapsed and therefore stands terminated.

The company in July last year signed a deal with HTA for sale of 3,100 towers in four countries across its African operations. Airtel has operations in 17 African countries.

Bharti Airtel's consolidated net profit rose 30.5% to Rs 1255.30 crore on 3.6% growth in net sales to Rs 23015.50 crore in Q4 March 2015 over Q4 March 2014.

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

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