Bharti Airtel is the top gainer in the BSE Telecom index and was trading higher by around 3.4% at Rs 379.35 per share as of 1000 hours on Friday.
The stock is witnessing northward movement after getting the nod from SEBI and stock exchanges for its merger with Telenor.
After getting the nod from the market regulator, Securities, and Exchange Board of India (SEBI), Bharti Airtel and Telenor has filed a joint application before National Company Law Tribunal reported the leading national business daily.
Bharti Airtel is going to acquire Telenor India’s ongoing operations in seven circles, Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
The surging rivalry among the telecom companies and multiple consolidations are pushing the industry towards an uncertain future believe experts.
Bharti Airtel Ltd is currently trading at Rs 379.8, up by Rs 12.65 or 3.45% from its previous closing of Rs 367.15 on the BSE.
The scrip opened at Rs 373.2 and has touched a high and low of Rs 381.35 and Rs 369.95 respectively. So far 1526420(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 146764.54 crore.
The BSE group ‘A’ stock of face value Rs 5 has touched a 52 week high of Rs 400.65 on 23-Feb-2017 and a 52 week low of Rs 283.95 on 09-Nov-2016.
Last one week high and low of the scrip stood at Rs 380.1 and Rs 365.75 respectively.
The promoters holding in the company stood at 67.14 % while Institutions and Non-Institutions held 26.37 % and 6.46 % respectively.
The stock is currently trading above its 50 DMA.
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