The stock price of Africa's largest mobile phone company MTN Group Limited surged in Johannesburg market after the report that Indian telecom major Bharti Airtel’s plans to bid for the company.

MTN stock price jumped 3.5 per cent in the early trading session at 149.5 rand. The stock was the most traded counter on the Johannesburg stock market. MTN has reported robust growth numbers.

Technical analysts believe that the stock is currently trading at a discount. Bharti may have to pay around 200 – 220 rand per share to acquire stake in the company. If Bharti is able to acquire stake in MTN Group, the Indian Telecom major will have a decent market share in fast growing African mobile services market.

Bharti Airtel is the biggest private telecom company in India. The company has reported decent increase in subscriber numbers for the last quarter. The company is also among top 10 telecom companies in the World.

MTN Group has not commented on the market speculation yet.