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Business News/ Markets / Stock Markets/  Airtel share price surges after promoter Bharti Telecom acquires additional 1.35% stake
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Airtel share price surges after promoter Bharti Telecom acquires additional 1.35% stake

Bharti Airtel soared to new high to ₹1,022.55 per share on Friday, December 1, on NSE after its promoter company Bharti Airtel acquired an additional 1.35 percent stake in the telecom company.

Airtel share price(HT Photo) (HT_PRINT)Premium
Airtel share price(HT Photo) (HT_PRINT)

The shares of telecom giant Bharti Airtel soared to new high to  1,022.55 per share on Friday, December 1 on NSE after its promoter company Bharti Airtel acquired an additional 1.35 percent stake in the telecom company from another promoter group entity Indian Continent Investment Ltd (ICIL) via 8,301.73-crore block deal.

“BTL has acquired 1.35% shares of Bharti Airtel from Indian Continent Investment Limited (ICIL) through block deal mechanism on National Stock Exchange of India Limited for an aggregate amount of 8,301.73 crore," BTL said in a stock exchange filing.

After the recent block deal, ICIL's ownership in Airtel has decreased to 4.56%. According to Airtel's shareholding filing for the September quarter, ICIL previously held a stake of 5.93% in the telecommunications company.

Bharti Enterprises, led by Sunil Mittal, holds a majority stake of 50.56%, while Singapore Telecommunications, commonly known as Singtel, possesses the remaining 49.44% in BTL.

The scrip has nearly gained over 11% in the last six months. The telecom company achieved a historic milestone as its shares surged past the pivotal 1,000 mark for the first time on Wednesday.

The stock has consistently demonstrated strong growth in recent years, underscoring its resilient performance. Remarkably, it yielded an impressive return of 59% in the calendar year 2019. This positive momentum persisted in the following years, with gains of 11.83 percent in 2020, 37 percent in 2021, and 18 percent in 2022.

Throughout the present year, Bharti Airtel has maintained its upward momentum, posting a remarkable return of 23.56%. This outperformance surpasses that of the benchmark Nifty 50, which achieved a gain of 10.62% over the corresponding period.

In the quarter ending September 2023 (Q2 FY24), the company posted a net profit of 1,341 crore, marking a 37% decrease compared to the 2,145.2 crore reported in the same period last year.

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Published: 01 Dec 2023, 05:44 PM IST
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