Bharti Airtel gains on share buyback plan

The stock was up 2.4% at Rs 362 on the BSE against 0.25% decline in the S&P BSE Sensex at 09:47 am.

Bharti Airtel is trading higher by nearly 3% at Rs 364 on the BSE in otherwise range bound market after the company said its board would meet this week to consider a proposal for buyback of equity shares.

“The board of directors of the company will consider to recommend final dividend for the financial year ended March 31, 2016 or buy back of equity shares of the company or a combination thereof, in its meeting scheduled to be held on April 27, 2016,” Bharti Airtel said in a BSE filing.

Earlier on April 13, the company said that the board will meet on April 27 to consider and take on record the audited financial results for the fourth quarter (Q4) and financial year ended on March 31, 2016.

In past two-month, shares of Bharti Airtel has underperformed the market by gaining 9% as compared to 12% rise in the S&P BSE Sensex till Friday. In past one-year, it declined 10% as compared to 5% fall in the benchmark index.

At 09:47 am, the stock up 2.4% at Rs 362 on the BSE against 0.25% decline in the S&P BSE Sensex. A combined 687,040 shares changed hands on the counter on the BSE and NSE.