Bharti Airtel gains on reports SingTel intends to raise stake in Bharti Telecom

Bharti Airtel rose 1.38% to Rs 350 at 10:36 IST on BSE on reports that Singapore Telecommunications intends to acquire a stake in Thailand's Intouch Holdings and also raise its holding in Bharti Airtel's holding company Bharti Telecom.

Meanwhile, the S&P BSE Sensex was up 181.06 points or 0.65% at 28,186.43.

On BSE, so far 57,000 shares were traded in the counter as against average daily volume of 3.48 lakh shares in the past one quarter. The stock hit a high of Rs 350.75 and a low of Rs 346.50 so far during the day. The stock had hit a 52-week high of Rs 398 on 17 August 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 17 August 2016, sliding 8.78% compared with 0.61% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.78% as against Sensex's 8.66% rise.

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

According to reports, Singapore Telecommunications (SingTel) intends to acquire a stake in Thailand's Intouch Holdings and boost its holding in Bharti Telecom, a holding company of Bharti Airtel, to take advantage of faster growth in emerging markets. SingTel plans to acquire a 21% stake in Intouch for 1.58 billion Singapore dollar and an additional 7.39% stake in Bharti Telecom for 884 million Singapore dollar, through wholly-owned subsidiaries, reports suggested. SingTel already owns a 39.78% stake in Bharti Telecom, as per reports.

Bharti Telecom held 45.09% stake in Bharti Airtel as per the shareholding pattern as on 30 June 2016.

On a consolidated basis, Bharti Airtel's net profit declined 30.8% to Rs 1462 crore on 7.9% growth in net sales to Rs 25546.50 crore in Q1 June 2016 over Q1 June 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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