Bharti Airtel hit a new 52-week high

Bharti Airtel hit a new 52-week high today at Rs.400.65 and it continues to remain amongst the top five gainers on the BSE.

Call it the Jio effect or whatever but there is some major consolidation happening. Norway’s Telenor has decided to exit India’s telecom sector and it is selling its business to Bharti.

The company said, “"The proposed acquisition will include transfer of all of Telenor India's assets and customers, further augmenting Airtel's overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band.”

The transaction is expected to close within 12 months. Telenor had announced its entry into India in 2008.