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Bharti Airtel share price hits fresh record high after global brokerage retains buy, raises target price

September 14, 2021 06:03 PM

Bharti Airtel share price hits fresh record high
Bharti Airtel share price traded in the green in the morning session on September 13 after global research firm CLSA retained buy rating on the stock and raised the target to RS 825 per share.

Bharti Airtel share price traded in the green in the morning session on September 13 after global research firm CLSA retained buy rating on the stock and raised the target to RS 825 per share.

“The telecom firm had an 18x jump in data usage. ARPU is up 46% from lows and we expect it to rise to RS 199,” the brokerage firm said, according to a CNBC-TV18 report.

The telecom major may see an EBITDA growth of 24% by FY24. Jio’s rising inactive subs and reduced tariff discounts lowers the risk of disruption, it added.

The stock was trading at RS 688.10, up RS 1.80, or 0.26 percent. It has touched a 52-week high of RS 692.85. It has touched an intraday high of RS  692.85 and an intraday low of RS  686.15.

International rating agency S&P on September 9 maintained Bharti Airtel’s credit rating of “BBB-“, and upgraded outlook to stable from negative, indicating the company’s improved financial status and ability to pay back debt.

Also Read : Bharti Airtel share price traded in the green

S&P said Bharti Airtel’s Indian mobile segment is likely to continue growing at a healthy rate, but there is the absence of across-the-board tariff hikes and is taking place at a slower pace than in fiscal 2021.

The agency said India’s 5G roadmap and Bharti Airtel’s corresponding 5G spectrum investments remain uncertain. The board of the company last month approved a proposal to raise up to RS 21,000 crore through the rights issue.

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