Bharti Televentures (BTL) gained today on institutional buying. It is understood that institutions are looking at Bharti Tele as a long term investment.
Today, the share closed 1.98 per cent higher at Rs 33.40. In late afternoon trades, the scrip was 2.29 per cent up to Rs 33.50. It recorded total volumes of over 2.93 lakh shares on the BSE.
The scrip has risen 24.5 per cent from Rs 26.90 on March 31, 2003. According to market talk, institutional activity has been on the ascend at the counter for quite some time now.
There are rumours that Salomon Smith Barney has acquired about 3.7 lakh shares. What is a good indication is that institutions are buying on an investment basis with a 3 to 4-year view.
Earlier, there were reports that the Group of Ministers (GoM) on foreign direct investment headed by finance minister Jaswant Singh cleared a proposal to raise foreign direct investment (FDI) in the telecom sector to 74 per cent from 49 per cent.
The overall foreign holding in Bharti Tele currently is 46.94 per cent, while the company has a ceiling of 47 per cent for FIIs under the portfolio investment scheme.
As on December 31, 2003, promoters held 46.56 per cent in Bharti Tele, while the public and institutions held 2.48 per cent and 2.32 per cent, respectively.
