Bharti Airtel and Videocon Industries rose 1.99% to 5.94% at 13:09 IST on BSE after Bharti Airtel said it has entered into a definitive pact with Videocon Telecommunications to acquire the right to use the latter's spectrum in six telecom circles.
The announcement was made during market hours today, 17 March 2016.Bharti Airtel (up 1.99% at Rs 346.40) and Videocon Industries (up 5.94% at Rs 115.90) edged higher.
Meanwhile, the S&P BSE Sensex was up 165.70 points or 0.67% at 24,848.18.
Bharti Airtel announced that it has entered into a definitive agreement with Videocon Telecommunications (VTL) to acquire the right to use the latter's spectrum in the 1800 MHz band for six telecom circles for an aggregate consideration of Rs 4428 crore. The spectrum trading pact is for six circles viz. Bihar, Haryana, Madhya Pradesh, UP (east), UP (west) and Gujarat. The validity of VTL's spectrum in these circles is until 18 December 2032.
Videocon Industries reported net loss of Rs 84.42 crore in the quarter ended 31 December 2015 as compared with net profit of Rs 18.61 crore in the quarter ended 31 December 2014. Net sales fell 1.6% to Rs 3084.13 crore in the quarter ended 31 December 2015 over the quarter ended 31 December 2014.
Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.
On consolidated basis, Bharti Airtel's net profit declined 22.2% to Rs 1116.90 crore on 3.7% growth in net sales to Rs 24065.90 crore in Q3 December 2015 over Q3 December 2014. Bharti Airtel is one of the leading global telecommunications service providers with operations in 20 countries across Asia and Africa.
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