Bharti Infratel at new high

Bharti Infratel has been seeing robust activities since the past couple of days, hitting new highs since 9th Dec. The stock hit a new high today also at Rs.371.75 with an over 3 times surge in volume.

The stock has been seeing a buzz ever since an unconfirmed news item came in that it was looking at the option of taking over the telecom towers of Vodafone and Idea in India, valued at Rs.5000 crore. The exchanges had sought clarification on this news item and the company had replied stating that, “the company seeks and receives proposals for potential transactions and evaluates various organic and inorganic opportunities as and when available. The Company, as a matter of policy, does not comment on speculative news items such as the one in the Business Standard but we can assure you that if and when any such disclosures become necessary, we will promptly do so at an appropriate time.” Yet, the company did not come out and out rightly refute this news, which has led to speculation that there might be some truth in this news after all.