Bharti Airtel slips on profit booking

Bharti Airtel fell 0.94% to Rs 389.70 at 11:23 IST on BSE, with the stock sliding on profit taking after recent steep rally.

Meanwhile, the S&P BSE Sensex was up 88.59 points or 0.3% at 29,659.63.

On BSE, so far 83,000 shares were traded in the counter as against average daily volume of 3.03 lakh shares in the past one quarter.

The stock hit a high of Rs 394.45 and a low of Rs 382.70 so far during the day. The stock had hit a 52-week low of Rs 282.10 on 24 February 2014. The stock had hit a 52-week high of Rs 419.90 on 19 September 2014.

The stock had outperformed the market over the past one month till 27 January 2015, surging 10.99% compared with the Sensex's 8.55% rise. The stock had, however, underperformed the market in past one quarter, sliding 4.79% as against Sensex's 10.53% rise.

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

Shares of Bharti Airtel had rallied 14.84% in six trading sessions to settle at Rs 393.40 yesterday, 27 January 2015, from a recent low of Rs 342.55 on 16 January 2015.

According to reports, Emirates Telecommunications Corp (ETISALAT), the United Arab Emirates's largest phone company by market value, received offers from Vodacom Group and Bharti Airtel to acquire ETISALAT's controlling stake in Zanzibar Telecom. The Zantel unit, which is Tanzania's largest Internet provider and is 65% owned by ETISALAT, has a valuation of about $300 million, reports added. Zantel is a joint venture between ETISALAT (65%), Government of Zanzibar (18%), and Meeco International of Tanzania (17%).

Meanwhile, Bharti Airtel said before market hours today, 28 January 2015 that the company has commissioned Nokia Networks to expand its 4G presence to six new circles using Nokia Networks' radio network. The deal marks India's first FDD-LTE deployment on 1800 MHz that will witness the launch of super-fast mobile broadband in 6 circles. Nokia Networks, already a supplier of Bharti Airtel's TD-LTE network, will also deploy TD-LTE on the 2300 MHz in 2 other circles.

On consolidated basis, Bharti Airtel's net profit surged 170.2% to Rs 1383.20 crore on 7.1% growth in net sales to Rs 22845.20 crore in Q2 September 2014 over Q2 September 2013. The company will announce its Q3 December 2014 results on 4 February 2015.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.

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