Bharti Airtel shares rose over 2 per cent in early trade on Thursday, ahead of a board meeting to consider raising funds later today.
“A meeting of the board of directors of the company is scheduled on February 28, to inter alia, consider recommendations of a special committee of directors for fund raising,” the telco said in a regulatory filing on BSE.
A proposal for raising funds by issue of equity shares, bonds/debentures, or other securities, including through qualified institutions placement, rights issue, preferential issue or through any other permissible mode or a combination thereof, subject to regulatory/statutory approvals as may be required and determination of issue price, if any, the filing said.
The stock rose a high of Rs 326, up over 2 percent intraday on BSE. It was currently trading 1 percent higher at Rs 323. In comparison, the S&P BSE Sensex gained 0.3 percent to 36,011.
The telecom giant reported a surprise profit of Rs 86 crore in the October-December quarter, helped by robust customer additions and expansion in mobile data volume. Bharti Airtel had reported a net profit of Rs 306 crore in the comparable quarter previous fiscal. Revenues for Q3 came in at Rs 14,768 crore, declining by 2.3% on a year-on-year basis.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections: 4th phase sees over 68% voter participation, West Bengal leads with 76% turnout
May 14, 2024 1:47 AM
Lok Sabha elections phase 4 witnesses around 63% voter turnout, experts weigh in on key contests
May 14, 2024 12:06 AM
Lok Sabha Election 2024: Shiv Sena UBT’s Arvind Sawant highlights Uddhav Thackeray's vision for Mumbai’s progress
May 13, 2024 9:21 PM
Exclusive interview: 'Southern states will be a big surprise,' says PM Modi
May 13, 2024 9:05 PM