Bharti Airtel gains after launching new Open Network initiative

Bharti Airtel rose 2.6% at Rs 351.25 at 11:56 IST on BSE after the company's announcement that it has opened up its entire mobile services network coverage information to its customers through an interactive online interface.

Meanwhile, the S&P BSE Sensex was up 110.55 points or 0.42% at 26,506.26.

On BSE, so far 1.6 lakh shares were traded in the counter as against average daily volume of 2.41 lakh shares in the past one quarter. The stock hit a high of Rs 351.65 and a low of Rs 346.90 so far during the trading session. The stock had 52-week high of Rs 452.45 on 21 July 2015. The stock had hit 52-week low of Rs 282.30 on 29 January 2016. The stock had underperformed the market over the past one month till 14 June 2016, sliding 3.61% compared with the Sensex's 3.55% rise. The scrip had also underperformed the market in past one quarter, gaining 0.37% as against the Sensex's 6.42% rise.

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

Bharti Airtel after market hours yesterday, 14 June 2016, announced the launch of the new initiative called Open Network under Project Leap, its national network transformation initiative. Under the Open Network initiative, the company will display its mobile network coverage and signal strength across India in addition to network site deployment status. Commenting on the company's new initiative Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said that the company is fully committed to investing whatever it takes to deliver a world-class experience to customers.

Bharti Airtel further said that the company is deploying a range of innovative technology solutions including small cells, indoor solutions, wi-fi hotspots and carrier aggregation technologies to improve network experience inside buildings. The company is swapping its legacy networks and base stations with smaller, more compact and efficient technologies with a view to improve customer experience. The company is creating more network capacity through acquisition of additional spectrum and deployment of fiber. The company plans to cumulative deploy more than 5.5 lakh kilometer of domestic and international fiber in order to drive down latency, improve customer experience and serve the growing demand for data services.

Bharti Airtel recently announced a 25% more stringent voluntary benchmark of 1.5% for mobile call drops versus the current TRAI prescribed norm of 2% under the Quality of Service regulations.

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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