Bharti Airtel gained 3.91% to Rs 399.05 at 14:20 IST on BSE after the company announced the partnership with device manufacturers to offer 4G smartphones for the price of a feature phone.
The announcement was made during market hours today, 11 October 2017.Meanwhile, the S&P BSE Sensex was down 42.36 points, or 0.13% to 31,878.36.
High volumes were witnessed on the counter. On the BSE, 3.19 lakh shares were traded in the counter so far, compared with average daily volumes of 1.61 lakh shares in the past one quarter. The stock had hit a high of Rs 403 and a low of Rs 380.30 so far during the day. The stock had hit a 52-week high of Rs 438 on 28 August 2017. The stock had hit a 52-week low of Rs 283.95 on 9 November 2016.
The stock had underperformed the market over the past one month till 10 October 2017, declining 4.75% compared with the Sensex's 0.75% rise. The stock had also underperformed the market over the past one quarter, dropping 5.27% as against the Sensex's 0.66% rise. The scrip had, however, outperformed the market over the past one year, gaining 21.5% as against the Sensex's 13.68% rise.
The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.
Bharti Airtel and Karbonn Mobiles, a popular Indian smartphone brand, announced a partnership to bring an affordable 4G smartphone to the market, effectively at the price of a feature phone. This is the first of several partnerships that Airtel plans to have with mobile handset makers to bring highly affordable bundled 4G smartphone options to the market and fulfill the digital aspirations of customers.
Under the partnership, the Karbonn A40 Indian now comes at an effective price of just Rs 1,399 (compared to its current market price of approximately Rs 3,499).
The Google Certified Karbonn A40 Indian has a full touch screen plus dual SIM slots, and offers complete access to all apps on Google Play Store. The 4G smartphone is bundled with a monthly pack of Rs 169 from Airtel, which offers generous data and calling benefits.
The partnership between Airtel and Karbonn is part of Airtel's Mera Pehla 4G Smartphone' initiative, which is aimed at enabling every Indian to buy a 4G smartphone and get on to the digital superhighway. The ownership of the smartphone is completely with the customer and there is no need to return the device to Airtel/Karbonn at any point to claim the cash benefit.
Meanwhile, media reports suggested that KKR-led consortium fund is in talks to acquire Indus Towers and telecom tower company Bharti Infratel for $11 billion.
As per media reports, a consortium led by US buyout fund KKR and comprising Canada Pension Plan Investment Board, Abu Dhabi Investment Authority and GIC Singapore is in discussions to acquire Indus Towers and telecom tower company Bharti Infratel for $11 billion. As the first step, Bharti Infratel will buy out either all or almost the entire 58% shareholding of other partners Vodafone, Idea Cellular and Providence Equity Partners in Indus Towers, reports added.
Bharti Infratel currently owns 42% in Indus Towers, which has a portfolio of 1.23 lakh towers, as per reports. Bharti Airtel held 50.33% stake in Bharti Infratel as per the shareholding pattern as on 30 June 2017.
Reports suggested that Vodafone is likely to retain 8-10% stake in Indus Towers to enjoy any future upside. Bharti Infratel has the right of first refusal on Vodafone and Idea's stakes in Indus Towers, reports added.
Bharti Infratel clarified during market hours today, 11 October 2017 with regards to the above news report that the company in the ordinary course of business evaluates various opportunities from time to time. The company added that it does not wish to comment on speculative reports. The company confirmed that it has not released any specific information pertaining to the news report.
Shares of Bharti Infratel gained 2.35%.
Bharti Airtel's consolidated net profit fell 58.4% to Rs 617.70 crore on 14% decline in revenue to Rs 21958.10 crore in Q1 June 2017 over Q1 June 2016.
Bharti Airtel is a leading global telecommunications company.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
