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Home > Business > Stock Market News > Hot Pursuits

Bharti Tele up on US listing plans

June 03, 2003 14:50 IST

Bharti Tele-Ventures strode up to its 52-week high of Rs 41.30 on BSE after the company was reported to be planning on a float in the U.S. in the next financial year.

Even as it eased slightly after that high, the scrip of the telecom services provider was still higher by a good 5.49% at Rs 38.75 on BSE at 10:22 IST. A total of 75,464 Bharti Tele-Ventures shares changed hands on BSE thus far.

The scrip is also trading close to its all time high of Rs 47 on 28 February 2002. The scrip's recent run can best be depicted in the fact that, in less than five months, Bharti Tele-Ventrures (BTL) has risen 100% from its 52-week low of Rs 20.65.

The company's (reported) plans to get listed in the United States during the next financial year is the current trigger for the stock . The size of the overseas float is expected to be around $185 million or (Rs 888 crore). Earlier, in February 2002, the company had raised Rs 800 crore through an initial public offer (IPO) in the domestic market.

BTL aims at having a subscriber base of 6 million cellular customers by March 2004, from the current 3.22 million. The company is likely to invest Rs 175 crore in FY 2003-04. It offers cellular services in 15 out of the 22 telecom market districts in India, spanning 93% of the $5 billion mobile phone market in a nation of more than one billion people.

BTL also provides fixed-line services and Internet access in India.

Recently, there were reports of a likely hike in the foreign direct investment ceiling for the telecom sector. The overall foreign holding in BTL currently stands at 47.28%, close to the FDI ceiling of 49%.

As on 31 March 2003, promoters held 46.55% stake in BTL, while the public and institutions held 2.28% and 2.75% stake, respectively.

BTL posted impressive results for the fourth quarter and full year ended 31 March 2003. It reported a net profit of Rs 1.06 crore, compared to a net loss of Rs 2.45 crore in the corresponding period of the previous year. Total revenue increased from Rs 68 lakh in MQ-2002 to Rs 4.48 crore in MQ-2003.

For FY 2002-03, the company posted its first ever profit after getting listed on the domestic bourses, recording a net profit of Rs 22 lakh (Rs 12 lakh) on a total revenue of Rs 18.89 crore (Rs 3.95 crore).



Source: www.capitalmarket.com

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