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Bharti Airtel has acquired Loop Mobile – a deal which will bring together Loop's 2G/EDGE enabled network supported by 2,500 plus cell sites, and Airtel’s 2G and 3G network supported by over 4000 cell sites across Mumbai.
It will also offer subscribers the widest exclusive retail reach with 220 outlets that will enable best-in-class customer service
Reacting to the development, the stock opened at Rs 307 and touched high of Rs 312 on BSE on Tuesday. A combined 1.88 million shares changed hands on the counter in intra-day deals on the BSE and NSE.
Ranak Merchant, Technical Analyst – Strategies, Sushil Financial Services tells Puneet Wadhwa in an interview that the stock has undergone a long consolidation and any up move in the counter faces stern resistance near its 200-day EMA.
Click here for the full chat transcript
