As per media reports, Bharti Airtel is likely to sell its towers in Africa – If done, then positive for Bharti in short to medium term
As per media reports, Bharti Airtel is likely poised to conclude a much-anticipated deal to sell its towers in Africa in seven days, which could help the world’s fourth-largest telecom operator rake in as much as $3 billion and help reduce debt. The company has already shortl isted buyers from among four tower companies — Helios Towers Africa, IHS, American Tower Corp and Eaton Towers — for the sale. We believe this development to have positive bearing on the stock price of Bharti in short to medium term.
National economic News
Index on factory output shows growth in May
Manufacturing activities rose in May compared to the previous month on increased orders, according to the HSBC PMI. The measure of factory production was up at 51.4 points in May from 51.3 points in April. In a year, May PMI was surpassed only in February 2014, when the reading stood at 52.5 points.
Eight core sector industries grow by 4.2% in April
Output of the eight core sectors grew 4.2% in April, compared with 2.5% in March. The rise was primarily aided by electricity generation and the fertilizer and cement segments. For 2013-14, production in these sectors rose 2.6%, the lowest in at least nine years. For 2012-13, core sector growth stood at 6.5%.
World Economic News
China Final Manufacturing PMI 49.4 In May – HSBC
China’s manufacturing sector deteriorated only slightly in May, which came in with a score of 49.4. That was down from last month’s preliminary reading that suggested a score of 49.7, although it was still up dramatically from 48.1 in April. Among the individual components of the survey, total new orders stabilized as new export order growth touched a 49-month high.
U.S. Construction Spending Reaches Five-Year High In April
The U.S. construction spending rose by much less than expected in the month of April, the report also showed notable upward revisions to the spending seen in the two previous months. The construction spending edged up 0.2% to an annual rate of $953.5 billion in April from the revised March estimate of $951.6 billion. Economists had been expecting spending to increase by about 0.6%