Bharti Airtel stock hogs limelight on Wal-Mart deal

Mumbai, Nov 27 | Updated: Nov 28 2006, 09:14am hrs
The stock of Bharti Airtel Ltd was in the limelight on Monday after Sunil Mittal-led Bharti Enterprises, the parent firm of Bharti Airtel, signed an agreement with US retail giant Wal-Mart Stores Inc to jointly explore business opportunities in the retail sector in India.

Bharti shares gained an impressive 2.25% on Monday to end the day at Rs 630.10. The stock also touched a high of Rs 633.80 during intra-day trades. A total of nearly three lakh shares were traded on BSE on Monday. On the National Stock Exchange (NSE), the stock ended at Rs 630.50, up 2.25%, with more than 14 lakh shares changing hands.

Incidentally, the telecom majors stock had recently touched its all-time high of Rs 644.90 on BSE on November 23. Bhartis stock has witnessed a solid surge in the past two months. From Rs 459.10 on October 5, 2006, it surged 39% to Rs 638.20 by November 22 on sustained buying interest.

The company is the largest telecom company and the fifth-most valuable firm on the stock exchanges with a market capitalisation of around Rs 1.19 lakh crore.

It had also posted a robust net profit for the quarter ended September 30 with a jump of 77% to Rs 888.35 crore, compared to Rs 500.43 crore in year-ago period, while income had risen 59% to Rs 4,181 crore.