Shares of Bharti Airtel rose 2 percent in initial deals on March 10. Telecom sector giant Bharti Airtel announced that it has entered into an agreement to buy 9 per cent equity stake in Avada CleanTN Project Private Limited. After this there was a jump in the stock of the company. Bharti Airtel has entered into this agreement for the ownership and operation of the captive power plant.
Today at 11:00 am, the stock was trading at Rs 702.05 with a gain of 1.53 per cent on NSE. While the benchmark Nifty 50 was trading up 371.10 points or 2.27 per cent at 16,716.45. Bharti Airtel touched an intraday high of Rs 707.30 and an intraday low of Rs 695.60.
Bharti Airtel bought stake for 7.88 crores
The country’s second largest telecom company has bought 7,885,150 equity shares in Avaada for Rs 7.88 crore. This is stated in the stock exchange filing.
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Earlier, shareholders of Bharti Airtel had approved issuance of preferential shares to Google for an investment of about Rs 7,500 crore in the company to buy 1.28 per cent stake. According to the voting result of an Extraordinary General Meeting (EGM), a special proposal to invest in Google was approved by more than 99 percent of shareholders.
Motilal Oswal gave buying advice with a target of 910
Motilal Oswal has a Buy rating on the stock with a target price of Rs 910. The research and broking firm is seeing a further jump of 29 per cent from the current level.
Motilal Oswal believes that Bharti Airtel may consider acquiring an additional 5% stake in Indus Tower. The company may possibly consider increasing its stake to more than 50% and becoming a majority shareholder. This will protect Bharti’s stake in Indus Tower, which provides it with critical infrastructure. It added that with the introduction of 5G and the potential for an increase in capex, Bharti may need to improve capital allocation.
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