Bharti Infratel fell 3.08% to Rs 179.20 at 9:41 IST on BSE on profit booking after the stock rose 18.60% in the preceding nine trading sessions to Rs 184.90 on 11 December 2013, from a recent low of Rs 155.90 on 28 November 2013.
Meanwhile, the BSE Sensex was down 147.60 points, or 0.70%, to 21,023.81.
On BSE, so far 3,974 shares were traded in the counter, compared with an average volume of 68,989 shares in the past one quarter.
The stock hit a high of Rs 185 and a low of Rs 176.60 so far during the day. The stock hit a record high of Rs 215.50 on 29 January 2013. The stock hit a record low of Rs 126.05 on 28 August 2013.
The stock had outperformed the market over the past one month till 11 December 2013, rising 15.67% compared with the Sensex's 3.32% rise. The scrip had also outperformed the market in past one quarter, rising 20.65% as against Sensex's 5.87% rise.
The large-cap company has an equity capital of Rs 1888.91 crore. Face value per share is Rs 10.
Shares of Bharti Infratel rose 3.79% to Rs 184.90 on Wednesday, 11 December 2013, after Bharti Airtel entered into an infrastructure-sharing deal with the telecom arm of Reliance Industries.
Bharti Airtel (Bharti) and Reliance Jio Infocomm (Reliance Jio) on Tuesday, 10 December 2013, announced a comprehensive telecom infrastructure sharing arrangement under which they will share infrastructure created by both parties. This will include optic fibre network - inter and intra city, submarine cable networks, towers and internet broadband services and other such opportunities identified in the future.
The cooperation is aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment. This will also provide redundancy in order to ensure seamless services to customers of the respective parties, Bharti and Reliance Jio said in a combined statement.
The arrangement could, in future, be extended to Roaming on 2G, 3G and 4G, and any other mutually benefiting areas relating to telecommunication, including but not limited to jointly laying optic fibre or other forms of infrastructure services. The pricing would be at 'arm's length', based on the prevailing market rates, the statement from both the companies said.
As part of this arrangement, Bharti and Reliance Jio have already announced an agreement under which Bharti has provided capacity on its i2i submarine cable to Reliance Jio.
Reliance Jio Infocomm (RJIL), a subsidiary of Reliance Industries (RIL), India's largest private sector company, holds Universal Service License and is the only pan India operator with Broadband Wireless Access ('BWA') spectrum across 22 circles capable of offering fourth generation (4G) LTE wireless services. Reliance Jio is setting up a pan India telecom infrastructure to provide high speed internet and communication services.
Bharti Infratel's consolidated net profit rose 12% to Rs 277.40 crore on 5% growth in net sales to Rs 2683.70 crore in Q2 September 2013 over Q2 September 2012.
Bharti Infratel, a subsidiary of Bharti Airtel, is one of the largest tower infrastructure providers in India with 35,376 towers in 11 telecom circles across India. Bharti Infratel has 42% equity interest in Indus Towers. Indus Towers has 112,144 towers in 15 telecom circles across India.
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