Shares of Bharti Airtel hit a near-four-year high of ₹435 on the NSE on Friday, as Vodafone has exited the company.

The counter witnessed accumulation of 74.85 lakh shares (or 106 per cent) in open positions on Friday. Open positions for Bharti Airtel June futures stood at 1.449 crore shares at Friday's close. The Bharti Airtel June Futures ended at ₹425.2.

The stock on Friday closed at ₹425.60, up 5.6 per cent over the previous day’s close.

Vodafone on Thursday confirmed that it had sold, through a wholly owned subsidiary, its shareholding in Bharti Infotel Pvt Ltd, representing an approximate 4.2 per cent interest in Bharti Airtel, to Bharti Enterprises (Holding) Pvt Ltd for $200 million.

Vodafone has to sell its entire stake in Bharti Airtel following new norms issued by the government that bars a telecom operator from holding any stake in competition under unified licences.

Telecom services provider Bharti Airtel has reported a consolidated net profit of ₹1,255 crore for the fourth quarter ended March 31, up 30.5 per cent compared with ₹962 crore reported in the same period last year. Analysts, however, have mixed view on Bharti Airtel.

Mixed views While Kotak Securities remains positive on Bharti Airtel with a price target of ₹450, thanks to its margin expansion, for Religare, overall, Bharti’s Q4 numbers are mixed with softer topline and metrics but better margins driven by one-offs. “While data growth remains strong led by low penetration, we believe Africa remains a key overhang,” said Religare while maintaining the target at ₹400.

India Infoline has recommended a buy on the stock with a price target of ₹465.

But for HDFC Securities, Bharti Airtel is a ‘sell. HDFC Securiteis, which fixed a target of ₹355, believes that the market is discounting too many positives in the context of voice business facing continuing tariff pressures, and the overhang of Reliance Jio’s imminent launch.”

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