Bharti Airtel gains as board to mull fund raising

Bharti Airtel rose 0.85% to Rs 319.25 at 9:33 IST on BSE after the company said that its board will meet on 24 January 2017, to consider raising funds by issuing bonds through private placement.

The announcement was made after market hours yesterday, 19 January 2017.

Meanwhile, the BSE Sensex was down 94.81 points, or 0.35%, to 27,213.79.

On the BSE, so far 8,644 shares were traded in the counter, compared with average daily volumes of 1.45 lakh shares in the past one quarter. The stock had hit a high of Rs 320.25 and a low of Rs 315.60 so far during the day.

The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock 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 19 January 2017, rising 4.77% compared with the 4.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.31% as against Sensex's 2.74% decline.

The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.

Meanwhile, media reports sugested that Bharti Airtel has entered final stages of discussion with Norwegian telecom operator Telenor to acquire its local unit. The deal will be finalised by the end of February 2017, and that Airtel is a stronger negotiating position. Telenor, on the other hand, has been scouting for a buyer for a long time, reports added.

On a consolidated basis, Bharti Airtel's net profit declined 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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