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Of the 50-stock Nifty index, Bharti Airtel was the lone gainer on Wednesday. Even on the broader BSE-100 index, it was the only stock that remained solid.
When shares around it were witnessing a huge sell-off, the Bharti Airtel stock rose over 5 per cent intraday because the MSCI Global Standard Indices doubled the stock’s weightage in its India Index to 2.6 per cent from 1.3 per cent from June 1. It closed at ₹389.95, up 0.8 per cent on the BSE.
A recent research report from Motilal Oswal, which recommended a buy with a price target of ₹460, said: while India mobile operating profits continued to remain strong for Bharti Airtel, growth at the consolidated level was dragged down by sharp declines in Africa and enterprise business. In Africa, “we expect 11 per cent consolidated EBITDA CAGR over FY15-17.... await management commentary on significant step up in capex intensity as well as plans for further expansion of data networks.”
The MSCI India Index is designed to measure the performance of the large- and mid-cap segments of the Indian market. With 64 constituents, the index covers approximately 85 per cent of the Indian equity universe. The top five counters of MSCI India index are Infosys, HDFC, TCS, Reliance Industries and Sun Pharma.
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