Bharti shares up over 2% after raising stake in Qualcomm
Mumbai: Shares of Bharti Airtel Thursday rose by over 2 percent after the company acquired an additional 2 percent stake in all four Indian broadband wireless access entities of Qualcomm, thereby making them its subsidiaries.
The telecom major's scrip ended at Rs 301.25, up 2.38 percent from its previous close on the BSE. Intra-day, the stock gained 3.1 percent to Rs 303.40.
On the NSE, the scrip settled 2.19 percent higher at Rs 301.
In terms of volume, 1.92 lakh shares of the company changed hands on the BSE, while over 30 lakh shares were traded on the NSE.
"Bharti Airtel has subscribed to an additional 2 percent equity share capital in all the four India BWA entities of Qualcomm AP. With this, all four entities are now subsidiaries of Bharti Airtel," the company said in a statement.
On May 24, 2012, Bharti Airtel and Qualcomm had announced an agreement under which Bharti had acquired 49 percent interest in Qualcomm AP's India entities with licences to offer 4G data services in four circles of Delhi, Mumbai, Haryana and Kerala.
In the broader market, the BSE benchmark Sensex ended the day at 19,410.84, up 233.08 points.