Bharti Airtel stock gains 4% intraday as company buys stake in Indus Towers

The telecom service provider, recently, made a payment of Rs 8,815 crore of spectrum dues to reduce interest expenses.

The stock has gained more than 6 per cent in the last five trading sessions: PTI

Shares of Bharti Airtel gained around 4 per cent to Rs 763 per share on the BSE in the intraday trade on Tuesday. The stock gained on the back of telecom company acquiring nearly 5 per cent stakes in Indus Towers on Tuesday.

As per exchange filing of Bharti Airtel, “The company, along with its wholly owned subsidiary, Nettle Infrastructure Investments Limited, has acquired 127,105,179 equity shares (around 4.7 per cent) of Indus Towers Limited at Rs 187.88 per share from Euro Pacific Securities Ltd., an affiliate of Vodafone Group Plc.”

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During December-ended quarter of this fiscal, the company narrowed down its losses to Rs 58.79 crore as against Rs 834.61 crore in the same quarter a year ago. Whereas, its total income was up 6 per cent at Rs 1,804.43 crore as compared to Rs 1,701.67 crore on a year-on-year basis.

The telecom service provider, recently, made a payment of Rs 8,815 crore of spectrum dues to reduce interest expenses. This was the second such prepayment by Airtel in the last three months amid strong cash flow generation, equity infusion and borrowing at significantly lower interest rates.

The stock has gained more than 6 per cent in the last five trading sessions, when compared to 0.5 per cent decline on the BSE Sensex.

In the last on year, the stock has gained around 50 per cent versus over 15 per cent gain in the S&P BSE Sensex, while it has jumped over 10 per cent in year-to-date, against over 2 per cent rise in the S&P BSE Sensex in a same period.

Airtel has an operation in 18 countries across Asia and Africa and ranks amongst the top 3 mobile service providers globally in subscribers.

The company provides offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, DTH, enterprise services including national and global long-distance services to carriers.

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