Bharti Airtel stock gains 2.5%; top Nifty gainer@HIGHLIGHT UPDATES

Bharti Airtel stock gained 2.5% on reports the company plans to raise as much as $1.5 billion by diluting about a fourth of its stake when it lists the holding company for Africa operations, Bharti Airtel International (Netherlands) BV (BAIN BV), in early 2019.

The stock is currently trading at Rs412.20 up by Rs7.8 or 1.93% from its previous closing of Rs404.40 on the BSE.

Standard & Poor's revised down its outlook on the country's largest telco Bharti Airtel to "negative" from stable, following weak financial performance in FY18 and concerns on elevated capex in the current financial year.

The scrip opened at Rs411 and has touched a high and low of Rs418.25 and Rs410 respectively.

Bharti Airtel is a wireless operator with largest market share among domestic mobile service providers. At the end of FY18, Bharti Airtel had an Indian subscriber base of 30.4cr users and an overseas subscriber base of 8.9cr users. The company also reported a Direct-To-Home (DTH) user base of 1.41cr users for the same period. On December 12, 2017, the company sold 20% of its stake in its DTH business to Warburg Pincus for $350mn. The company also acquired Tigo Rwanda limited, December 2017. Bharti Airtel has become a major player in the African telecom business and is in the top 2 of 12 of the 14 African telecom markets.


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