Bharti Airtel jumped 2 percent in daily trading on Tuesday on the back of positive news flowing onto the table. As of 09:45 AM, the stock was trading near its highs for the day at Rs 747, a volume of about 84,000 shares on the Bahrain Stock Exchange against a two-week average daily volume of around 2.14 thousand shares on the Bahrain Bourse.
Recently, the major telecom operator prepaid Rs 8,815 crore in spectrum dues to reduce interest expense. This was the second such prepayment by Airtel in the past three months and comes on the back of strong cash flow generation, equity injections and borrowing at significantly lower interest rates. Read more
The company is also planning to acquire an additional 4.7 per cent stake in Indus Towers from Vodafone Group for around Rs 2,388 crore, according to the company filing. The transaction should be executed at Rs 187.88 per share.
The stock has gained as much as 6 percent in the last four trading sessions, compared with a 0.4 percent gain on the Nifty 50.
For the quarter ending December 2021, the company pared its losses in the third quarter to Rs.58.79 crore compared to Rs.834.61 crore in the corresponding quarter last year. Total income increased by 6% to Rs.1,804.43 crore from Rs.1,701.67 crore year on year.
Bharti Airtel is a leading global communications company operating in 18 countries across Asia and Africa. Headquartered in New Delhi, Bharti Airtel is ranked among the top 3 mobile service providers globally by number of subscribers.