Bharti Airtel heads north after completing a stake acquisition in Airtel Nigeria

Bharti Airtel was up 2.31% to Rs 307.80 at 10:12 IST on BSE after the firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquisition of Econet Wireless' entire 4.2% stake in Airtel Nigeria.

The announcement was made on Saturday, 26 November 2016.

Meanwhile, the S&P BSE Sensex was down 28.16 points or 0.11% at 26,288.18.

On BSE, so far 25,000 shares were traded in the counter as against average daily volume of 3.15 lakh shares in the past one quarter. The stock hit a high of Rs 307.80 and a low of Rs 301 so far during the day. The stock had hit a 52-week high of Rs 384.90 on 28 April 2016. The stock had hit a 52-week low of Rs 282.30 on 29 January 2016. The stock had outperformed the market over the past one month till 25 November 2016, declining 3.28% compared with the Sensex's 6.32% fall. The scrip had, however, underperformed the market in past one quarter, sliding 13.09% as against the Sensex's 5.46% fall.

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

Bharti Airtel announced that Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary (Airtel), has completed the acquisition of Econet Wireless' entire 4.2% shareholding in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%.

On 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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