Bharti Airtel shares jumped over 2 per cent on Thursday after the company announced on Wednesday (post market hours) that it has signed a definitive agreement to acquire 100 per cent equity stake in Augere Wireless Broadband India (Augere), which holds 20 MHz of BWA spectrum in the telecom circles of Madhya Pradesh and Chhattisgarh.
The scrip closed 2.24 per cent higher at Rs 347.35 on the BSE.
For the quarter ended June 2015, the company reported a consolidated net profit of Rs 1,541.50 crore, up 52.26 per cent, against Rs 1,012.40 crore in the corresponding quarter a year ago.
This month, the share price of the company plunged around 19 per cent to Rs 339.75 on August 26. The scrip was trading at 418.95 on August 3.
A research report by Sharekhan on August 24 said, “Bharti Airtel has been hit by a triple whammy of depreciating rupee (60 per cent debt in foreign currency), possible aggressive launch of services by Reliance Jio and declining crude miring outlook for its African business. On the positive side, its Indian business is witnessing positive momentum with several levers to sustain and possibly improve margins over the next few years. The policy changes related to spectrum sharing are also positive.”
The brokerage house revised the target price for Bharti Airtel stocks from Rs 450 earlier to Rs 380.