Bharti Airtel share price: Shares of telecom major Bharti Airtel fell over 2% to ₹2,117.20 per share in Wednesday's trading session (November 26) amid a likely block deal in the counter.
According to a CNBC TV18 report, 3.5 shares worth ₹7,400 crore changed hands today, with Indian Continent Investment (ICIL) as the likely seller.
Bharti Airtel stock opened at ₹2,110 apiece in the early morning session today, as compared to the previous close of ₹2,161 on Tuesday. The stock has been in an uptrend in the near-term. Bharti Airtel share price has surged 15% in the last six months and 35% in the last year.
According to a CNBC TV18 report, around 3.5 crore Bharti Airtel shares — representing 0.6% of the company’s equity and valued at about ₹7,400 crore — were traded at ₹2,108 per share through multiple block deals.
This marks the second major block deal in Bharti Airtel within three weeks. The identities of the buyers and sellers in this transaction have not been officially disclosed. The details will be available in today evening's block deal data.
On Tuesday, several media reports revealed that Indian Continent Investment has initiated a block deal in the telecom company worth approximately ₹7,100 crore. The Indian Continent Investment is one of the promoter entities in Bharti Airtel.
Earlier this month, Bharti Airtel saw another block deal, with 5.1 crore shares being traded. Singtel offloaded the shares in that transaction, raising over $1 billion, or about ₹10,800 crore, by selling up to a 0.8% stake.
For the September quarter, Bharti Airtel posted a consolidated net profit of ₹6,791 crore, a 14.2% rise from ₹5,948 crore in the previous quarter and higher than Street expectations of ₹6,600 crore.
Revenue grew 5.4% sequentially to ₹52,145 crore, also beating the Street’s estimate of ₹51,006 crore.
Meanwhile, EBITDA rose 6.2% quarter-on-quarter to ₹29,561 crore, with the EBITDA margin inching up to 56.7% from 56.3% in the prior quarter.
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