India Infoline News Service / Mumbai Aug 28, 2009 16:39
RCom, WWIL and Bharti Airtel were among the major gainers during the week.
The Telecom Sector: The top gainers in the Telecom space were Shyam Telecom (up 7.7%), RCom (up 6.9%), WWIL (up 5.9%), Gemini Comm Ltd (up 5.1%), TTML (up 3.2%) and Tata Communication (up 2.9%).Bharti Airtel rose 5.7% during the week. The company is reportedly planning to offer MTN Group US$13.1bn in cash and shares for acquiring a 49% stake in the South African telecom major and the two sides are close to an agreement, according to The Wall Street Journal (WSJ). There is no certainty that the MTN shareholders will agree to the Bharti Airtel offer, and could ask for a higher offer from the Indian company, the US-based financial newspaper said in its online edition today. Shareholders holding a combined 75% in MTN must approve the deal.
RCom gained 7% during the week. S Tel and Reliance Infratel signed an end-to-end telecom infrastructure agreement for telecom towers, transmission for BTS sites and fibre backbone for intercity connectivity. RCom will execute this agreement through its tower subsidiary Reliance Infratel.S Tel's agreement with RCom covers six circles-Orissa,Bihar, Himachal Pradesh, NorthEast,Assam and J&K where the telecom operator plans to roll-out its GSM services soon.