Bharti Airtel spurted 2 per cent in intra-day trades on Tuesday on the back of positive news flow at the counter. As of 09:45 AM, the stock traded near the high’s of the day at Rs 747, with a volume of around 84,000 shares on the BSE as against the two-week daily average volume of around 2.14 lakh shares on the BSE.
Recently, the telecom major prepaid Rs 8,815 crore of spectrum dues to reduce interest expenses. This was the second such prepayment by Airtel in the last three months and comes on the back of strong cash flow generation, equity infusion and borrowing at significantly lower interest rates. READ MORE
The company also plans to acquire additional 4.7 per cent stake in Indus Towers from Vodafone Group for about Rs 2,388 crore, according to a company filing. The transaction shall be executed at a price of Rs 187.88 per share.
The stock has gained as much as 6 per cent in the last four trading sessions, when compared with a 0.4 per cent gain on the Nifty 50 index.
For the quarter ended December 2022, the company narrowed down its Q3 loss to Rs 58.79 crore when compared with Rs 834.61 crore in the corresponding quarter a year ago. Total income was up 6 per cent at Rs 1,804.43 crore from Rs 1,701.67 crore on a year-on-year basis.
Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa. Headquartered in New Delhi India Bharti Airtel ranks amongst the top 3 mobile service providers globally in terms of subscribers.
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