Bharti Telecom bought about 7.2 lakh shares of the company for over 27 crore in different transactions from open market to raise stake to 45.54% in it.
On September 22, Bharti Telecom had purchased 15,000 shares for over Rs 56 lakh at BSE and 6,35,000 shares from NSE for approximately Rs 23.97 crore.
It had again purchased 14,000 shares for Rs 50.82 lakh approximately from BSE and 52,000 shares for Rs 2.25 crore from NSE on September 23, increasing its stake marginally by 0.1%.
Then, Bharti Telecom had purchased 12,000 shares for Rs 45.9 lakh approximately from BSE and 1.47 lakh shares for close to Rs 5.62 crore from NSE on September 13. Next day, September 14, it purchased 20,000 shares for Rs 75.34 lakhs approximately from BSE and over 3.85 lakh shares for Rs 14.47 crore from NSE.
Combining all of this the company has increased its stake from 45.50% to 45.55% in a fortnight. Though it is not a significant number in terms of percentage but it does show that the promoter groups confidence in the company. This is a positive sign.
VIEW: Long-term investors too should pick shares in small quantities just as the company is buying.
For momentum investors, this may not be the best time to invest as its 20 DMA has crossed 50 DMA and is moving southward. Therefore, there is a possibility of a further downward movement.
(With Inputs from PTI)