Bharti Infratel gains after announcing schedule for buyback of equity shares

Bharti Infratel rose 1.91% at Rs 333.80 at 10:39 IST on BSE after the company announced that its proposed buyback of equity shares would commence on 12 July 2016 and close on 25 July 2016.

Meanwhile, the S&P BSE Sensex was up 65.93 points or 0.25% at 26,468.89

A bulk deal of 20.34 lakh shares was executed on the Bharti Infratel scrip at Rs 331.65 per share at 09:30 IST on BSE today, 28 June 2016. Bulk deal boosted volume on the scrip. On BSE, so far 20.83 lakh shares were traded in the counter as against average daily volume of 1.27 lakh shares in the past one quarter. The stock hit a high of Rs 334.50 and a low of Rs 329.70 so far during the day. The stock had hit a 52-week high of Rs 500 on 5 August 2015. The stock had hit a 52-week low of Rs 302.10 on 24 June 2016. The stock had underperformed the market over the past 30 days till 27 June 2016, falling 15.27% compared with 0.94% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.33% as against Sensex's 6.03% rise.

The large-cap company has equity capital of Rs 1896.67 crore. Face value per share is Rs 10.

Bharti Infratel said that the company's proposed buyback of 4.70 crore shares at Rs 425 per share under tender offer route would commence on 12 July 2016 and close on 25 July 2016. The announcement was made before market hours today, 28 June 2016.

Bharti Infratel's consolidated net profit rose 18.69% to Rs 661.70 crore on 7.21% growth in total income to Rs 3341.30 crore in Q4 March 2016 over Q4 March 2015.

Bharti Infratel is India's leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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