The Bharti Airtel stock rose in last 30 minutes of trade today amid a report that country's biggest mobile carrier has picked UBS, JP Morgan and Citi to coordinate the London initial public offering of its Africa business. The large cap stock closed 2.31% or 8 points higher at 383.65 on the BSE. After opening at 378 level today, the stock hit intra day high of 388.95 and intra day low of 373.40 on the BSE. It closed at 375 level yesterday.
The stock has been losing for the last three days.
It has fallen 26.79% since the beginning of this year and lost 2.66% during the last one year.
In February Bharti Airtel said the holding company for its Africa operations was looking at a potential IPO. The appointment of banks for a London listing is a sign the process is progressing.
Bharti Airtel owns telecom assets in 14 African countries. In the quarter ending June 2018, Africa revenue was Rs 20,100 crore ($2.80 billion) and earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 6,800 crore.
Globally the company has almost 460 million customers. In the quarter ending June 2018, it posted revenue of $3 billion with EBITDA of more than $1 billion.
22 of 30 brokerages rate the stock "buy" or 'outperform', five "hold" and one "underperform" and two "sell", according to analysts' recommendations tracked by Reuters.
Continuing to bleed for the ninth straight quarter, telecom major Bharti Airtel reported a 73.5 per cent drop in net income at Rs 97 crore for the three months to June due to intense competition in the mobile services market.
The company had registered a net profit of Rs 367 crore in the same period a year ago.
Consolidated income of the Sunil Bharti Mittal-led firm declined by 8.6 per cent to Rs 20,080 crore for the first quarter of this fiscal from Rs 21,958 crore in corresponding period of 2017-18.
India revenues during April-June 2018 period declined by 7 per cent on year-on-year basis to Rs 14,930 crore, the company said.