Bharti Airtel stock slips 2% after Integrated Core Strategies sells 3.7 crore shares

Goldman Sachs has retained its 'buy" call on Bharti Airtel.

March 01, 2021 / 09:50 AM IST
Bharti Airtel | Integrated Core Strategies (Asia) Pte Ltd sold 3,70,59,893 equity shares in the company at Rs 556.46 per share on the NSE.

Bharti Airtel | Integrated Core Strategies (Asia) Pte Ltd sold 3,70,59,893 equity shares in the company at Rs 556.46 per share on the NSE.

 
 
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Bharti Airtel share price was down over 2 percent in the morning session on March 1 after Integrated Core Strategies (Asia) Pte Ltd sold 3,70,59,893 equity shares in the company at Rs 556.46 per share.

The stock was trading at Rs 542.35, down Rs 14.75, or 2.65 percent, at 0930 hours. It touched an intraday high of Rs 559.55 and an intraday low of Rs 537.05.

The telecom major will seek shareholders' nod on March 19 for issuance of about 3.64 crore equity shares to Lion Meadow Investment Ltd (LMIL) on a preferential basis to execute its deal for buying an additional 20 percent stake in its DTH arm Bharti Telemedia, according to a regulatory filing.

Global research firm Credit Suisse said Jio's 4G feature phone plan was unlikely to have any material impact on Bharti Airtel, a CNBC-TV18 report said.

Goldman Sachs has retained its "buy" call on Bharti Airtel. "Bharti Airtel may offset the negative impact from Jiophone via market share win from Vodafone Idea," it said.

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Bharti Airtel turned profitable for the quarter ended December 2020, posting a consolidated net profit of Rs 853.6 crore, driven by exceptional gains.

The average revenue per user (ARPU) at Rs 166 increased by 2.4 percent from Rs 162 in the previous quarter and revenue per tower per month grew by 4.4 percent QoQ to Rs 2,43,395.

Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sandip Das
first published: Mar 1, 2021 09:50 am

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