Bharti Airtel tops Sensex losers’ chart with 3.5% drop

Hot Stocks
admin
June 1, 2023
0
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9 minutes read

Brokerage firm CLSA expects Bharti Airtel’s shares to cross Rs 1,000 over the next 12 months.

Bharti Airtel (File pic)

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Bharti Airtel emerged as the biggest loser in the Sensex pack in early trade on June 1, a day after it rallied to its 52-week high amid robust volumes.

Shares of the telecom operator were trading 3.49 percent down at Rs 827.50 at 11.40 am.

Bharti Airtel had closed nearly 4 percent higher in the previous session after touching its 52-week high of Rs 888 despite reports that its weightage is expected to decrease within the MSCI Global Standard Index.

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However, analyst commentary remains largely positive for the stock.

Breach the Rs 1,000 mark

Brokerage firm CLSA expects Bharti Airtel’s shares to cross Rs 1,000 over the next 12 months. It has retained its buy recommendation on the telecom operator with a price target of Rs 1,015 — a potential upside of over 18 percent from current levels.

CLSA believes that the jump in post-paid subscribers of Bharti Airtel and its focus on boosting its 5G services will contribute to the rise in its share price going forward.

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It said that Bharti Airtel has seen a three-fold acceleration in post-paid subscriber addition over the last 12 months to 6.63 lakh.

Last month, Macquarie had also initiated coverage on Bharti Airtel with an outperform rating and a price target of Rs 1,000.

Meanwhile, Bharti Airtel’s enterprise arm, Airtel Business, is set to take its data center business, Nxtra, to Africa, according to a report.

Nxtra, a joint venture between Airtel and Carlyle, is present only in India with 12 large data centers and 120 edge data centers in its portfolio.

Shares of Bharti Airtel are up just 1.7 percent on YTD basis, but the 1-year return stands at 19 percent.

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