Shares of Bharti Airtel added nearly 4 percent intraday on July 30 after research house Bank of America Merrill Lynch (BofAML) upgraded the stock to buy and also raised the target to Rs 400 from Rs 360 per share.
According to BofAML, the favourable risk-reward with tariff hike adding the upside optionality. However, it feels that post the rights issue/Africa IPO, the company's balance sheet has strengthened.
It expects the company's market share to remain stable at 30-31 percent from FY20-24.
At 0955 hrs Bharti Airtel was quoting at Rs 346.10, up Rs 11.20, or 3.34 percent on the BSE.
The share touched its 52-week high of Rs 371 and 52-week low of Rs 254.29 on 5 July 2019 and 22 October 2018, respectively.
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