Bharti Airtel gains after completing acquisition of spectrum from Aircel

Bharti Airtel gained 1.97% to Rs 362 at 11:55 IST on BSE after the company announced that the spectrum trading deal for the acquisition of 20 MHz 2300 Band 4G TD spectrum from Aircel was successfully concluded for 6 out of 8 circles.

The announcement was made yesterday, 10 July 2016.

Meanwhile, the S&P BSE Sensex was up 462.38 points or 1.7% at 27,589.28.

The stock gained on heavy volumes. On BSE, so far 10.65 lakh shares were traded in the counter as against average daily volume of 1.97 lakh shares in the past one quarter. The stock hit a high of Rs 367.35 and a low of Rs 359.10 so far during the day. The stock had hit a 52-week high of Rs 452.45 on 21 July 2015. 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 one month till 8 July 2016, gaining 0.74% compared with Sensex's 0.39% rise. The scrip had also outperformed the market in past one quarter, advancing 6.19% as against Sensex's 9.94% rise.

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

Bharti Airtel announced that the spectrum trading deal for the acquisition of 20 MHz 2300 Band 4G TD spectrum from Aircel was successfully concluded for 6 out of 8 circles barring Andhra Pradesh and Orissa. Bharti Airtel said it will update the exchanges when the transactions for the remaining circles of Andhra Pradesh and Orissa are completed.

Bharti Airtel's consolidated net profit rose 2.8% to Rs 1290.30 crore on 8.4% growth in net sales to Rs 24959.60 crore in Q4 March 2016 over Q4 March 2015.

Bharti Airtel ranks amongst the top three mobile service providers globally in terms of subscribers. The company has its operations in 20 countries across Asia and Africa.

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