Buyback plan's share gains by Bharti Airtel

Apr 25 2016 10:47 AM
Buyback plan's share gains by Bharti Airtel

Bharti Airtel is trading upper by almost 3% at Rs 364 on the BSE in or else range bound market after the company said its board would meet this week to regard as a proposal for buyback of equity shares.

Bharti Airtel in a BSE filing said,“The board of directors of the company will consider to recommend final dividend for the financial year ended March 31, 2016 or buy back of equity shares of the company or a combination thereof, in its meeting scheduled to be held on April 27, 2016,”

Before on April 13, the company said, “the board will meet on April 27 to consider and take on record the audited financial results for the fourth quarter (Q4) furthermore financial year ended on March 31, 2016.”

In last two months, Bharti Airtel’s stocks have underperformed the market by ahead 9% as contrast to 12% rise in the S&P BSE Sensex till Friday. In past one-year, it refused 10% as compared to 5% fall in the benchmark index.

At 09:47 am, the stock up 2.4% at Rs 362 on the BSE against 0.25% decline in the S&P BSE Sensex. A combined 687,040 shares changed hands on the counter on the BSE and NSE.