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Bharti Airtel shares flat as it plans to ramp up 3G, 4G infrastructure

Global brokerage firm Jefferies has upgraded Bharti Airtel to hold from underperform, while it has cut target price to Rs 340 from Rs 360.

BT Online   New Delhi     Last Updated: October 27, 2015  | 16:11 IST
Airtel shares flat as it plans to ramp up 3G, 4G infra
The stock fell nearly 1 per cent to Rs 348.45, on the Bombay Stock Exchange. Photo: Reuters

Shares of Bharti Airtel ended flat after falling nearly 1 per cent intraday on Tuesday.

The telecom firm said it may invest an additional $200-400 million in the current financial year to ramp up 3G and 4G infrastructure.

The stock settled at Rs 352.30 on the Bombay Stock Exchange.

Global brokerage firm Jefferies has upgraded Bharti Airtel to hold from underperform, while it has cut target price to Rs 340 from Rs 360.

The telecom major on Monday reported a rise of 10 per cent in consolidated net profit year-on-year (y-o-y) to Rs 1522.7 crore for the second quarter as against Rs 1383.2 crore in the corresponding quarter a year ago.

The company reported a fall of 54.96 per cent y-o-y at Rs 2223.7 crore in its standalone net profit.

Total revenue of the telecom major rose 4.3 per cent to Rs 23,836 crore for the reported period compared with Rs 22,845 crore last year.

Consolidated mobile data revenues grew 49.8 per cent to Rs 3,806 crore, boosted by data traffic growth of 76.3 per cent.

"Airtel's revenue growth in India has accelerated to 13.3 per cent in Q2 on an underlying basis, the highest in the last 12 quarters. With the commercial launch of 4G services across 334 towns and roll-out of 3G services in our gap circles, we are now best positioned in the industry to leverage the fast growing data market," Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said.

(With inputs from agencies)

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