Bharti Airtel up over 3%

Bharti Airtel is ringing a good tune today. The stock opened weak but soon zoomed up to the days high point at Rs.325.65. The stock is currently up over 3% at the same levels.

The stock moved upwards on unconfirmed news reports emerging that after 5 months of hectic negotiating, the company is ready to sell its Sri Lankan operations to UAE based Etisalat. Bharti has begun operations in this region from 2009 and despite investing over $300 million had not been able to make much inroads. This unit continues to make losses and with just two million subscribers, it is a good economical decision to get out of this region.