Airtel shares up 2 pc on share buyback buzz

Bharti Airtel shares today ended with nearly 2 per cent gains after the company said its board will consider buyback of equity shares or a final dividend, or a combination of both, at its meeting on Wednesday.
The stock closed the day at Rs 358.85, up 1.63 per cent on BSE. During the day, it gained 3 per cent to Rs 363.85.
On NSE, the scrip went up by 1.65 per cent to close at Rs 358.95.
The stock was the biggest gainer on Sensex and Nifty.
In terms of volume, 1.42 lakh shares of the company were traded at BSE and over 30 lakh shares changed hands at NSE during the day.

"Shares of Bharti Airtel remained in action today after the telco announced its plans of shelling out a final dividend or a share buyback or both on its meeting that is to be held on April 27," said Achin Goel, Head - Wealth Management & Financial Planning, Bonanza Portfolio.

The company, however, did not specify the number of shares it wants to buy back.
"The board of directors of the company will consider recommending final dividend for the financial year ended March 31, 2016, or buyback of shares of the company, or a combination thereof, at its meeting scheduled to be held on April 27, 2016," the company had said in a filing to BSE on Saturday.

As of the quarter ended March, public shareholding of the company stood at 33.21 per cent whereas the promoters held 66.74 per cent.