Bharti Airtel Logs Biggest Intraday Gain In Five Months After Pact With Google

Shares of Bharti Airtel Ltd. rose over 6.6%, the biggest intraday gain in nearly five months to Rs 754 apiece after the company said that Google planned to invest up to $1 billion including $700 million equity investment in Bharti Airtel.

  • Google will take 1.28% stake in Bharti.
  • Deal includes up to $300 million toward potential multi-year commercial agreements.
  • The partnership will aim to enable affordable access to smartphones.
  • Deal is pending regulatory approvals
  • Of the 34 analysts tracking the company, 31 maintained ‘buy’, two maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 16.4%.
  • Trading volume on the stock was over 10 times the 30-day average volume at this time of the day.

Source: Exchange Filing, Bloomberg

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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