Shares of Bharti Infratel today rose by over 5 per cent after Mukesh Ambani-owned Reliance Jio Infocomm signed an agreement with the company.
Bharti Infratel's scrip surged 4.47 per cent to close at Rs 199.95 on the BSE. During the day, the stock jumped 11.8 per cent to Rs 214 -- its 52-week high.
At the NSE, the scrip closed 5.15 per cent higher at Rs 200.10.
The companies have signed a master services agreement and pricing would be at 'arm's length,' based on prevailing market rates, a joint statement by the two companies said yesterday.
"Under the agreement, Reliance Jio would utilise the telecom tower infrastructure of Bharti Infratel to launch its services across the country," it added.
Bharti Airtel and Reliance Jio had last year announced a comprehensive arrangement for sharing telecom infrastructure.
