Bharti Airtel rose 3.19% to Rs 386.65 at 14:05 IST on BSE after the company announced strategic partnership with Telecom Egypt for global submarine cable systems.
The announcement was made during trading hours today, 6 August 2018.Meanwhile, the S&P BSE Sensex was up 194.86 points, or 0.52% to 37,751.02.
On the BSE, 1.81 lakh shares were traded in the counter so far compared with average daily volumes of 3.44 lakh shares in the past two weeks. The stock had hit a high of Rs 386.80 and a low of Rs 374.80 so far during the day. The stock hit a 52-week high of Rs 565 on 3 November 2017. The stock hit a 52-week low of Rs 331.20 on 18 July 2018.
Bharti Airtel ("Airtel"), a leading global telecom services provider, and Telecom Egypt, Egypt's first integrated telecom operator, announced a strategic partnership, wherein, Airtel will get IRUs (Indefeasible Right of Use) on Middle East North Africa Submarine Cable (MENA Cable) and TE North Cable Systems. In addition, Airtel will also take large capacities on a long-term basis on two new state-of-the-art Cable Systems (SMW5 & AAE1). The transactions aim to be concluded after the fulfillment of all conditions precedents.
The partnership grants Airtel the right to use fiber pairs of MENA Cable from Egypt to India with access to Saudi Arabia and Oman, and other fiber pairs from Egypt towards Italy. It also extends beyond MENA Cable, where Airtel will get the right to use a fiber pair from Egypt to France on TE North along with capacities on SMW5 and AAE1 cable systems.
With this, Airtel will be able to further diversify its global network to serve the massive growth in demand for data services, particularly in emerging markets across South Asia, Africa and Middle East, while also benefitting from the favorable economics of Telecom Egypt's existing wide cable systems network.
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Telecom Egypt is the first total telecom operator in Egypt providing all telecom services to its customers including fixed and mobile voice and data services.
On a consolidated basis, net profit of Bharti Airtel declined 22.36% to Rs 479.60 crore on 8.55% decline in net sales to Rs 20080 crore in Q1 June 2018 over Q1 June 2017.
Bharti Airtel is a leading global telecommunications company with operations in 16 countries across Asia and Africa.
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