The company and Hughes Communications India announced an agreement to combine their VSAT operations in India.
Share price of Bharti Airtel rose 2 percent in the early trade on Tuesday after company reported better than street expectations numbers for the quarter ended March 2019.
On May 6 the company has reported a 24 percent sequential jump in its fourth-quarter FY19 net profit to Rs 107.2 crore helped by an exceptional gain of Rs 2,022 crore. Analysts were expecting a net loss of over Rs 1,000 crore.
Revenue for the quarter stood at Rs 20,602 crore.
For the full FY 2019, Airtel's net profit tanked 62.7 percent to Rs 409.5 crore compared to Rs 1,099 crore in the previous fiscal.
During the period, the revenue of Sunil Mittal promoted company stood at Rs 80,780.2 crore, down 2.2 per cent, compared to Rs 82,638.8 crore.
According to Morgan Stanley the company's Q4 numbers were marginally better than our forecasts. The profitability has improved in India wireless & Africa, while weakness in enterprise & homes dragged consolidated profitability.
The company and Hughes Communications India announced an agreement to combine their VSAT operations in India.
The transaction is subject to approvals by relevant authorities.
As per the agreement, Hughes will have majority ownership in the combined entity and Airtel will have a significant shareholding.
At 09:29 hrs Bharti Airtel was quoting at Rs 337.10, up Rs 3.70, or 1.11 percent on the BSE.For more market news, click here
