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Bharti Airtel stock top Nifty gainer today as brokerages raise target prices
Bharti Airtel share price: Nuvama Institutional Equities raised its price target on Bharti Airtel to ₹1,600 from Ra 1,580 while retaining its buy call.
Bharti Airtel share price today: The stock of Bharti Airtel stock is the top Nifty gainer today (May 16) as the shares of the company rose as much as 3 per cent owing to reported tariff hikes, ARPU improvement and 5G network expansion. Brokerages retained their bullish calls on the stock while the telecom major recording a 31.1 per cent fall in consolidated net profit for the March quarter, it said.
Bharti Airtel's consolidated Q4 revenue was at ₹37,599 crore, up 4.4 per cent from the previous year while the net profit was at ₹2,201 crore- ₹5,309 crore range. The company also reported a rise in its capital expenditure (capex) for the quarter at ₹10,500 crore. The telecom operator also delivered an industry-leading ARPU (average revenue per user) of ₹209.
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What brokerages said on Bharti Airtel stock
Brokerage remained positive on Bharti Airtel as Nomura said that the net debt seems to have peaked out showing completion of the 5G rollout, declining capex levels and robust operating cash flows.
Nuvama Institutional Equities raised its price target on Bharti Airtel to ₹1,600 from Ra 1,580 while retaining its buy call.
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Motilal Oswal saw a 25 percent upside on Bharti Airtel and hiked the target price to ₹1,640 apiece.
Nomura increased its target prices on Bharti Airtel to ₹1,550 and noted, “We believe Bharti will continue to benefit from its higher-quality subscriber base vs peers and be able to leverage its significant digital and enterprise initiatives in a 5G landscape, which will enable its transition from a telco to a tech company in the coming years.”
