Bharti Airtel up 3% on 3G, improved performance in Africa
Shares of Bharti Airtel were trading up by 2.86% at 332.50 on BSE in afternoon trade.
By ET Bureau |
MUMBAI: Shares of Bharti Airtel were trading up by 2.86% at 332.50 on BSE in afternoon trade. The company’s shares had fallen over 3% yesterday as soon as the results were announced, but the markets wiped out these losses to close 2.75% up at Rs 323.25 after analysts gave a thumbs up to its future prospects due to launch of 3G services in India and improved performance in Africa.
Bharti Airtel reported a bigger than-expected 41% drop in quarterly profit weighed down by its Africa operations and foreign exchange losses, even as its management was upbeat about future prospects.
Despite being involved in a price war in several African countries, the telco said its revenues from the continent increased nearly 9% in the three months ended December 2010 compared with the previous quarter ended September ‘10, proof that its turnaround strategy is yielding results.
Also, Vodafone Essar may sell the telecom towers in the seven service areas outside the Indus Towers agreement to Bharti Airtel or Indus Towers, said two people familiar with the company's plans. Vodafone has taken the bids from Viom and GTL Infrastructure as benchmarks to Bharti and Indus, one of them said.
If either of the companies matches or value the assets in a similar range, Vodafone could get more stake in Indus Towers or cash, he added. Vodafone had earlier sought bids from telecom tower companies and Tata group-owned Viom Networks and independent tower operator GTL Infrastructure emerged as bidders.
The second person said the bids from the two had come in the range of Rs 3,200 to Rs 3,500 crore for around 7,000 towers with at least one tenant on each tower.
Bharti Airtel reported a bigger than-expected 41% drop in quarterly profit weighed down by its Africa operations and foreign exchange losses, even as its management was upbeat about future prospects.
Despite being involved in a price war in several African countries, the telco said its revenues from the continent increased nearly 9% in the three months ended December 2010 compared with the previous quarter ended September ‘10, proof that its turnaround strategy is yielding results.
Also, Vodafone Essar may sell the telecom towers in the seven service areas outside the Indus Towers agreement to Bharti Airtel or Indus Towers, said two people familiar with the company's plans. Vodafone has taken the bids from Viom and GTL Infrastructure as benchmarks to Bharti and Indus, one of them said.
If either of the companies matches or value the assets in a similar range, Vodafone could get more stake in Indus Towers or cash, he added. Vodafone had earlier sought bids from telecom tower companies and Tata group-owned Viom Networks and independent tower operator GTL Infrastructure emerged as bidders.
The second person said the bids from the two had come in the range of Rs 3,200 to Rs 3,500 crore for around 7,000 towers with at least one tenant on each tower.
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