The world's number one wireless network builder, Ericsson AB, continues to gain market share in India, its second largest market by sales, inking a $1.3 billion deal to upgrade Bharat Sanchar Nigam Ltd.'s network. Bharat Sanchar is India's largest telecom provider. India is Ericsson's second largest market by sales, after China, and Ericsson estimates its market share on the subcontinent at about 40%. Ericsson will supply Bharat Sanchar with second generation GSM networking equipment and services, speeding up its network significantly. Mats Granryd, President of Ericsson India, said in the press release: "This deal is set to be a catalyst for future telecom growth in the dynamic Indian market." Ericsson shares were up 0.80% in pre-market trading in New York as of 7:10 AM ET on the news.
Sources: Press Release, Bloomberg, MarketWatch, AP
Commentary: Ericsson Signs $1B Deal With China Mobile; Sony Ericsson Signs $600m Deal • Sony Ericsson's Q2 Profit Soars, But Misses; Gains Global Market Share • Cramer on ERIC
Stocks/ETFs to watch: ERIC. Competitors: ALU, MOT, NOK, CSCO
Earnings call transcript: LM Ericsson Q2 2007
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