Shares of the country’s largest telecom operator, Bharti Airtel, surged by as much as 2 per cent in the morning trade on the bourses today after the company announced that it has bagged 2G and 3G licences in Rwanda.
The scrip opened on a strong note at Rs 404.45 on the Bombay Stock Exchange and then rallied further to an early high of Rs 407 apiece, a jump of nearly 2 per cent vis-a-vis its previous closing price.
Similar movement was witnessed on the National Stock Exchange as the stock, after opening on a bullish note, gained as much as 2 per cent to Rs 407.
However, the stock saw some of the initial gains pared in later trade and was being quoted at Rs 406.40, up 1.80 per cent, on the BSE and at Rs 405.80, up 1.58 per cent, on the NSE at 10.35 am.
Bharti Airtel had yesterday announced that it will launch 2G and 3G mobile services in Rwanda, for which it has earmarked an investment of $100 million over the next three years.
As per the announcement that came after market hours yesterday, Bharti Airtel has been awarded licences to operate mobile services by the Rwanda Government.
Rwanda is among the fastest growing telecom markets in Africa. According to the National Statistics Institute of Rwanda, mobile penetration in the country stood at 38.4 per cent as of July, 2011, the statement said.
“Rwanda is a key telecom market with immense growth potential and will strengthen Bharti Airtel’s footprint in East Africa,” Bharti Airtel Chairman and Managing Director, Mr Sunil Mittal, had said yesterday.
Airtel already has a presence in 16 African countries, including Burkina Faso, Chad, the Democratic Republic of Congo, Republic of the Congo, Gabon, Ghana, Kenya, Malawi, Madagascar, Niger, Nigeria, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia.