Bharti Airtel gains after completing acquisition of rights to use spectrum for AP circle

Bharti Airtel rose 0.31% to Rs 305 at 09:25 IST on BSE after the company successfully completed the acquisition of rights to use 20 MHz of spectrum in 2300 Band from Aircel, for Andhra Pradesh circle.

The announcement was made after market hours yesterday, 22 November 2016.

Meanwhile, the S&P BSE Sensex was up 55.66 points or 0.21% at 26,016.44

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 3.14 lakh shares in the past one quarter. The stock hit a high of Rs 308 and a low of Rs 304 so far during the day. The stock had hit a 52-week high of Rs 384.90 on 28 April 2016. The stock had hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had outperformed the market over the past 30 days till 22 November 2016, falling 0.8% compared with the 7.87% decline in the Sensex. The scrip, however, underrperformed the market in past one quarter, sliding 13.77% as against Sensex's 7.48% decline.

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

Bharti Airtel announced that it has successfully completed the acquisition of rights to use 20 MHz of spectrum in 2300 Band ( BWA) from Aircel, for Andhra Pradesh circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, Bharti Airtel has completed the transaction in all 8 telecom circles, the company said.

On a consolidated basis, Bharti Airtel's net profit fell 4.9% to Rs 1460.70 crore on 3.4% growth in net sales to Rs 24651.50 crore in Q2 September 2016 over Q2 September 2015.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

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