Bharti Airtel zooms 3.5 per cent post investment by Singtel
Singapore Telecommunications Limited (Singtel), a Singapore based telecom operator will be investing Rs. 2,649 crore in Bharti Telecom thus increasing its stake in the company to 48.9 per cent.
Singtel currently holds 47.17 per cent stake in Bharti Telecom whereas Bharti Enterprises holds over 50 per cent stake in the company. Bharti Airtel shares a nearly two-decade-long relationship with Singtel.
The move is seen to help Bharti Airtel in its battle for market share with newcomer Reliance Jio. Teh company recorded a 93 per cent YoY fall in profits at its India telecom business mostly due to Reliance Jio’s aggressive pricing to increase its market share.
At 10:07 hours on Monday, Bharti Airtel was trading at Rs. 433.10 per share, up Rs. 10.55 or 2.50 per cent on NSE. Whereas BSE Sensex was at 34,831, down 235 points or 0.67 per cent and Nifty was at 10,681, down 79.05 points or 0.75 per cent. The scrip of Bharti Airtel opened at Rs. 417.75 per share and touched a high and low of Rs. 437 and Rs. 411.20 per share on NSE. The stock attracted a traded volume of 27,78,074 shares on NSE.