Bharti Infratel stock up nearly 4% as Q4 net rises

Shares of telecom tower firm Bharti Infratel on Wednesday rose by nearly 4% after the company reported a 19% jump in net profit for the quarter ended March 2016.

The stock climbed 3.66% to Rs 377.15 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), it gained 3.73% to Rs 376.60.

Bharti Infratel on Tuesday reported a 19% jump in net profit at Rs 662 crore for the quarter ended March 31, on the back of growth in network rollout by operators.

The company had reported a net profit of Rs 558 crore in the same period of the previous fiscal.

Revenue of the company also increased 7% to Rs 3,162 crore for the reported period as compared with Rs 2,947 crore last year.

The company also announced a buyback of equity shares worth Rs 2,000 crore and proposed a dividend of Rs 3 per share.

"The total cash outgo for dividend and buyback inclusive of Rs 116 crore as tax on dividend will amount to Rs 2,685 crore," the company had said in a statement.

For 2015-16, the company reported a 20% increase in net profit at Rs 2,382 crore as against Rs 1,992 crore a year earlier.

At 11:26 hours, the shares of Bharti Infratel were trading up 3.63% or Rs 13.20 to Rs 377.00 per scrip on the BSE.