The Bharti Tele-Ventures share rose today on heavy block deals on the BSE. The stock hit an intraday high of Rs 35.35 , but closed at Rs 31.60, up 2.46 per cent from previous day's close. The counter witnessed a volume of 16.38 lakh shares.
Early in the day, a huge block deal of 13.5 lakh shares was conducted at a price of Rs 35.35. According to sources, domestic mutual fund had sold the shares to a Singapore-based portfolio investor.
With today's block deal, the FII holding in the company has reached 47 per cent and the RBI has cautioned against any further purchases without its permission.
More From This Section
As on June 30, 2002, the promoters' holding in the company was 46.56 per cent, while foreign entities, public and domestic institutions held 46.8 per cent, 2.36 per cent and 2.42 per cent, respectively.
The scrip has witnessed considerable buying of late. On September 13, 2002, a block deal comprising 15.39 lakh shares was conducted.
Bharti Tele-Ventures launched its mobile services in July 2002. Recently, the company claimed that its subscriber base in the mobile services business in Mumbai had crossed 1 lakh in 40 days since the launch. Mumbai has now become the fastest-growing circle for Bharti. Its rivals in Mumbai are BPL, Hutchison and MTNL. Bharti offers mobile services in 16 circles. At the end of June 2002, the company accounted for 22 per cent of the total mobile subscriber base in the country. The mobile business accounts for more than 75 per cent of the company's total revenue.
Besides mobile services, Bharti is also into fixed-line services in five circles, national long-distance services, international long-distance services, broadband, Internet and VSAT services.
Investors in the company include Singapore Telecom, Warburg Pincus, International Finance Corporation, Asian Infrastructure Fund Group and New York Life Insurance. The company was the first mobile operator to go public in January 2002.