Bharti Airtel gallops as MSCI plan to raise weightage in Feb review

Bharti Airtel added 3.34% to Rs 599.55 after global index provider MSCI on Thursday said it will take a decision on increasing the weightage of Bharti Airtel at upcoming index review in February.

MSCI on Thursday said that Bharti Airtel will be a part of its February 2021 quarterly index review.

The NSDL has updated the foreign investment limit for Bharti Airtel to 100% from 49%.

The proforma FOL (foreign ownership limit) and upward movement of the adjustment factor due to foreign room will be implemented as part of the upcoming February 2021 Quarterly Index Review, MSCI said. The MSCI quarterly review will be announced on 9 February 2021 and effective from 1 March 2021.

Shares of Bharti Airtel have surged nearly 11% in five trading days from its previous closing low of Rs 540.25 posted on 8 January 2021.

Meanwhile, Bharti Airtel on Thursday said it has divested its stake in Seynse Technologies ('Seynse') held through Nettle Infrastructure Investments, a wholly-owned subsidiary of the company. The divestment was done for a cash consideration of an undisclosed sum. Annual turnover of Seynse as on 31 March 2020, is Rs 62,52,958.

Seynse is a financial technology company that has created Loan Singh Platform. Loan Singh is a digital lending platform designed to make credit easily accessible to millions of creditworthy yet under-served Indians.

Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

On a consolidated basis, Bharti Airtel reported a net loss of Rs 763.20 crore in Q2 September 2020 lower than net loss of Rs 23,044.90 crore in Q2 September 2019. Net sales jumped 22% to Rs 25,785 crore in Q2 September 2020 over Q2 September 2019.

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