Sensex climbs 211 points on strong IIP, stable inflation; Bharti Airtel shares rise 8% on Tata Teleservices deal

 PTI   New Delhi     Last Updated: October 13, 2017  | 14:11 IST
Bharti Airtel shares rise 8% following deal with Tata Teleservices

Driven by strong IIP numbers and an unchanged inflation, the Sensex on Friday rallied over 211 points to 32,393, reflecting interrupted buying by domestic institutional investors.

The rupee appreciating 19 paise to 64.89 against the dollar on Friday gave a leg to the rally. The rest of Asia logged a mixed trend.

The 30-share barometer pushed higher by 211.04 points, or 0.66 per cent, to 32,393.26. The gauge had leapt 348 points in the previous session.

Sectoral indices turned green across the board, with metal, realty and FMCG posting sizeable gains of up to 1.90 per cent.

The NSE index Nifty was trading up by 43.25 points, or 0.42 per cent, at 10,139.65.

Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 per cent in August while retail inflation came in at 3.28 per cent in September, unchanged from August.

Stock of TCS, India's largest software services, rose 1.08 per cent to Rs 2,576.15 even as the company's net profit fell 2.1 per cent in the September quarter.

Reliance Industries shot up by 1.15 per cent to Rs 882.50 as participants raised their bets ahead of earnings, to be released later in the day.

Japan's Nikkei rose 0.23 per cent while Shanghai Composite rose up 0.09 per cent in their early deals. Hong Kong's Hang Seng, however, was down 0.16 per cent. The US Dow Jones Industrial Average had closed 0.14 per cent lower on Thursday.

Meanwhile, shares of Bharti Airtel today surged up to 8 per cent as the company announced acquisition of Tata group's loss-making mobile telephony business, almost for free, boosting its spectrum holding and user base.

The stock after a positive opening jumped 7.98 per cent to Rs 432 on the BSE. On the NSE, it soared 8 per cent to Rs 432.60. The stock was the biggest gainer among blue-chips on both the key indices during the morning trade.

Shares of Tata Teleservices Maharashtra Ltd (TTML) zoomed 9.95 per cent to Rs 4.86 -- its highest trading permissible limit for the day -- on the BSE. At the NSE, it jumped 9 per cent to Rs 4.80.

Bharti Airtel is set to take over Tata group's money- losing mobile business from November 1, saving the Tatas from the prospect of having to shut down the struggling unit.

Airtel, for whom it will be the seventh acquisition in five years, will acquire 4 crore customers of Tata Teleservices Ltd (TTSL) and Tata Teleservices Maharashtra Ltd (TTML) in 19 telecom circles or zones on "a debt-free, cash-free basis", the two groups announced in separate but identical press statements yesterday.

While all of the Rs 31,000 crore debt will remain with the Tatas, Airtel will assume payment of close to 20 per cent of the Rs 9,000-10,000 crore deferred payments for the spectrum to the government. The Tatas will pay the rest.

Youtube
  • Print

  • COMMENT
A    A   A
close