Bharti Airtel gains after block deal

Bharti Airtel rose 4.15% to Rs 351.35 at 12:34 IST on BSE after a block deal of 10 lakh shares, or 0.03% equity, was executed in the counter on BSE at Rs 355.20 per share at 10:06 IST.

Meanwhile, the BSE Sensex was up 574.82 points, or 2.88%, to 20,536.98.

On BSE, 13.28 lakh shares were traded in the counter compared with average volume of 3.04 lakh shares in the past one quarter.

The stock hit a high of Rs 358.75 and a low of Rs 343 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 256.65 on 15 October 2012.

The stock had underperformed the market over the past one month till 18 September 2013, rising 0.45% compared with the Sensex's 7.33% rise. The scrip had, however, outperformed the market in past one quarter, rising 15.75% as against Sensex's 3.84% rise.

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

Firmness in Bharti Airtel shares was also triggered by a media report that Singapore Telecommunications (SingTel), the largest foreign investor in Bharti Airtel, has urged the company to lead the consolidation drive in the domestic telecom market and said it will support such moves.

SingTel Chairman Simon Israel was quoted by media as saying that India desperately needs consolidation. Globally, the mobile industry is a scale game.

Bharti Airtel'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. The company ranks amongst the top 4 mobile service providers globally in terms of subscribers. 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 nearly 275 million customers across its operations at the end of June 2013.

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