Bharti Airtel share touched record high in early trade after global research firm CLSA retained buy call and raised the target to Rs 825 per share.
It touched an all-time high of Rs 696.50 against previous close of Rs 686.30 on BSE. The telecom stock has risen 40.64% in one year and gained 35.76% since the beginning of this year.
Airtel share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Total 4.30 lakh shares changed hands amounting to turnover of Rs 29.74 crore on BSE. Market cap of the telco rose to Rs 3.80 lakh crore on BSE. The share fell to a 52-week low of Rs 394.05 on October 19, 2020.
"The telecom firm had an 18 times jump in data usage. ARPU is up 46% from lows and we expect it to rise to Rs 199," the brokerage firm CLSA said. Airtel is likely to see an EBITDA growth of 24% by FY24. Jio's rising inactive subs and reduced tariff discounts lowers the risk of disruption, it added.
On September 9, international rating agency S&P maintained Bharti Airtel's credit rating of "BBB-". It upgraded outlook the stock outlook to stable from negative, signaling the company's improved financial status and ability to pay back debt. 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, said S&P.
The agency said India's 5G roadmap and Bharti Airtel's corresponding 5G spectrum investments remain uncertain. The company's board in August cleared a proposal to raise up to Rs 21,000 crore through rights issue.
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