Shares in Bharti Tele-Ventures gained today on the news that there could be a likely hike in the FDI limit in the telecom sector from 49 per cent to 74 per cent.
The shares of the telecom services provider edged up 1.91 per cent and ended at Rs 34.70. In early trades, the scrip was up 1.32 percent at Rs 34.50 on the BSE.
About 1.28 lakh shares changed hands. The scrip has been witnessing an upsurge for a month now. In fact, between March 19 and May 19, this year, the share climbed up 26 per cent to Rs 34.05 from Rs 27.05.
Reports of a probable hike in foreign direct investment in the telecom sector comes in the wake of an earlier move (in April 2003) by the Centre to defer a decision on FDI in the sector on the ground of security concerns.
Currently, foreign holding in Bharti is at 47.28 percent, close to the FDI ceiling of 49 per cent.
As on March 31, 2003, promoters held 46.55 per cent, while the public and institutions held 2.28 per cent and 2.75 per cent, respectively.
