Bharti Airtel surges on selling 3,500 telecom towers to Eaton Towers

Bharti Airtel surges on selling 3,500 telecom towers to Eaton Towers

Sep 09,2014   10:55 Hrs IST

Bharti Airtel is currently trading at Rs. 409.65, up by 6.45 points or 1.60% from its previous closing of Rs. 403.20 on the BSE. The scrip opened at Rs. 402.80 and has touched a high and low of Rs. 410.80 and Rs. 399.95 respectively. So far 98773 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 410.80 on 09-Sep-2014 and a 52 week low of Rs. 282.10 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 410.80 and Rs. 377.05 respectively. The current market cap of the company is Rs. 163093.92 crore. The promoters holding in the company stood at 65.37% while Institutions and Non-Institutions held 24.90% and 9.72% respectively. Bharti Airtel has sold about 3,500 telecom towers to Eaton Towers across six countries in Africa. The two companies have signed a 10-year contract, and the deal will help Eaton to expand operations in these countries. The agreement will allow Airtel to focus on its core business and customers, and to cut its debt. It will also significantly reduce its ongoing capital expenditure on passive infrastructure. The announcement comes within two months of Bharti announcing a plan to sell about 3,100 towers to Helios Towers across four countries in Africa. Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.