Bharti Infratel share price surged over 6% on Wednesday after telecom major Bharti Airtel purchased 4.9% additional stake in Bharti Infratel, the group's tower infrastructure arm, via block deals.
As per data available on BSE and NSE, 7.6 crore shares (4.12% equity) of Bharti Infratel worth of Rs 1,647.7 crore changed hands at an average price of Rs 215 per share.
Earlier, the stock of Bharti Infratel opened with a gain of 3.73% today at Rs 224.00 and touched an intraday low of Rs 209.85, falling 2.82%% on BSE. However, following the news, Bharti Infratel stock climbed 6.07% to an intraday high of Rs 229.05 against the earlier closing of Rs 215.95.
The stock has risen after 2 days of consecutive fall. Market capitalisation of the firm stood at Rs 60,905 crore today. The stock touched a 52-week high of Rs 270.50 and a 52-week low of Rs 121.25.
Bharti Infratel share price trades higher than 5, 20 and 200 day but lower than 50 and 100-day moving averages. Shares of Bharti Infratel have risen 5% in one week, 25% in one month. However, the stock has fallen 10% since the beginning of the year and 14% in one year.
As of Sept 2020, Bharti Airtel held 36.7% stake in its tower arm.