telecom tower

Bharti Global, the international investment arm of Indian conglomerate Bharti Enterprises, has acquired a stake in British telecommunications firm BT Group Plc.



What Happened: Bharti has agreed to buy a 24.5% stake in the UK-based telecom firm from shareholder Altice UK, the company said in a press release. Altice UK is a subsidiary of billionaire Patrick Drahi's telecommunications group Altice.



The shares will be purchased through Bharti Televentures UK Ltd, a company wholly owned by Bharati Global. Bharti Televentures has signed a deal with Altice UK to acquire approximately 9.99% of BT Group&#8217;s shares immediately, with plans to buy the remaining 14.51% once regulatory approvals are received, the company said.



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"We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy" Allison Kirkby, chief executive of BT Group said in another statement.



"This investment in BT Group PLC aims to support the commitment of our Hon&#8217;ble Prime Minister towards his vision in elevating and broadening the India-UK ties," Sunil Bharti Mittal, Founder and Chairman of Arti Enterprises, also added.



Bharti Enterprises is also the owner of Indian telecom firm Bharti Airtel. BT owned a 21% stake along with 2 board seats in Bharti Airtel from 1997-2001.



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Bharti Televentures has signed a deal with Altice UK to acquire approximately 9.99% of BT Group's shares immediately, with plans to buy the remaining 14.51% once regulatory approvals are received.

Airtel's Parent Firm To Snap Up 24.5% Stake In UK's BT Group 

Nivedita Hazra

Allison Kirkby

Altice UK

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Sunil Bharti Mittal

Airtel's Parent Firm To Snap Up 24.5% Stake In UK's BT Group

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On Tuesday, Nifty 50 reversed losses in the session and closed 0.91% up at 24,213.30. At the end of trde, 39 stocks gained while 11 declined.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053250/newplot-31.jpeg" alt="" class="wp-image-629875" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053250/newplot-31.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053250/newplot-31-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>



Top Gainers:



<figure class="wp-block-table"><table><thead><tr><th>Stock</th><th>Current Price</th><th>Last Close</th><th>% Change</th></tr></thead><tbody><tr><td>JSW Steel</td><td>₹999.5</td><td>₹954.9</td><td>4.67%</td></tr><tr><td>Bajaj Auto</td><td>₹9874.85</td><td>₹9525.55</td><td>3.67%</td></tr><tr><td>Tata Steel</td><td>₹152.29</td><td>₹146.95</td><td>3.63%</td></tr><tr><td>Hindalco</td><td>₹697.55</td><td>₹674.3</td><td>3.45%</td></tr><tr><td>Axis Bank</td><td>₹1171.7</td><td>₹1139.25</td><td>2.85%</td></tr></tbody></table></figure>



JSW Steel topped the charts with a 4.67% increase, closing at ₹999.5. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053313/newplot-32.jpeg" alt="" class="wp-image-629880" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053313/newplot-32.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053313/newplot-32-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>



Bajaj Auto and Tata Steel also posted notable gains, with increases of 3.67% and 3.63% respectively. Hindalco and Axis Bank rounded out the top five with their respective rises. Steel stocks <a href="https://in.benzinga.com/markets/equities/24/11/41736260/tata-steel-other-steel-stocks-jump-up-to-2-amid-reports-of-major-govt-move">surged in the session after the Indian government is reportedly looking to raise anti-dumping duties</a> on imported steel to help the domestic steelmakers. 



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Top Losers:



<figure class="wp-block-table"><table><thead><tr><th>Stock</th><th>Current Price</th><th>Last Close</th><th>% Change</th></tr></thead><tbody><tr><td>Coal India </td><td>₹434.9</td><td>₹443.30</td><td>-1.89%</td></tr><tr><td>Adani Ports</td><td>₹1329.35</td><td>₹1349.25</td><td>-1.47%</td></tr><tr><td>Trent</td><td>₹6968.35</td><td>₹7063.75</td><td>-1.35%</td></tr><tr><td>Asian Paints</td><td>₹2887.3</td><td>₹2915.3</td><td>-0.96%</td></tr><tr><td>ITC</td><td>₹480.2</td><td>₹484.6</td><td>-0.91%</td></tr></tbody></table></figure>



Coal India&nbsp;saw the most significant drop, down 1.89%, closing at ₹434.9. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053329/newplot-33.jpeg" alt="" class="wp-image-629883" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053329/newplot-33.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05053329/newplot-33-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>



Adani Ports and Trent also faced declines, with Adani Ports decreasing by 1.47% and Trent by 1.35%. Asian Paints and ITC completed the list of the top five losers.



Vinod Nair, Head of Research, Geojit Financial Services said, &#8220;The domestic market experienced a sharp recovery, reclaiming most of the previous day's losses amid uncertainty surrounding the likely downgrade in Q2 GDP forecast and closely contested U.S. presidential election. However, the recent rebound in domestic manufacturing activity data, along with the expected revival of consumption in the H2, are likely to support market sentiment. Metals led the gains, driven by the anticipation of significant stimulus from China later this week.&#8221;



Read Next: <a href="https://in.benzinga.com/markets/equities/24/11/41738681/hdfc-bank-to-see-15-812-cr-inflows-from-msci-rejig-says-nuvama-bse-voltas-ola-electric-likely-to">HDFC Bank To See ₹15,812 Cr Inflows From MSCI Rejig, Says Nuvama; BSE, Voltas, Ola Electric Likely To Enter Indices</a>




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Movers

Nifty 50 reversed losses and closed 0.91% up, with 39 stocks gaining and 11 declining. Top gainers were JSW Steel, Bajaj Auto, Tata Steel, Hindalco, and Axis Bank. Coal India was the top loser, while Adani Ports, Trent, Asian Paints, and ITC also faced declines. Market sentiment may be supported by rebounding domestic manufacturing activity and expected revival of consumption in H2.

Steel Stocks Shine As Nifty Reverses Early Losses

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MSCI indices reshuffle: HDFC Bank to see weightage increase, Adani Energy,  BSE, may enter global standard index with Voltas having a small chance. Ola Electic might enter into MSCI Smallcap Index.

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JLR Range Rover

Retail Sales

Tata Motors‘ luxury car subsidiary, Jaguar Land Rover (JLR) sold 5,257 units in October. This is a 12.8% slump from the 6,031 units sold in the same month last year.

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