Bharti Airtel gains as board to consider share buyback

Bharti Airtel rose 2.45% to Rs 361.75 at 10:00 IST on BSE after the company announced that its board of directors will consider a proposal for buyback of equity shares on 27 April 2016.

The announcement was made on on Saturday, 23 April 2016.

Meanwhile, the S&P BSE Sensex was down 56.65 points or 0.22% at 25,781.49.

On BSE, so far 46,286 shares were traded in the counter as against average daily volume of 3.39 lakh shares in the past two weeks. The stock hit a high of Rs 363.85 and a low of Rs 355 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 underperformed the market over the past one month till 22 April 2016, rising 0.51% compared with 2% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 18.15% as against Sensex's 5.74% rise.

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

Bharti Airtel will also announce its Q4 March 2016 results on 27 April 2016. The board of directors at the time of announcement of its Q4 results will also consider payment of final dividend for the year ended 31 March 2016 on that day.

On consolidated basis, Bharti Airtel's net profit declined 22.2% to Rs 1116.90 crore on 3.7% growth in net sales to Rs 24065.90 crore in Q3 December 2015 over Q3 December 2014.

Bharti Airtel is one of the leading global telecommunications service providers with operations in 20 countries across Asia and Africa.

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