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Shares of Bharti Airtel today hit over 3-week high despite the company posting a 73 per cent drop in net profit at Rs 97 crore for the first quarter ended June 30.
The stock gained as much as 4.5 per cent to Rs 373.90, highest since July 3.
Airtel shares gained as the net profit beat analyst estimates. Bharti Airtel’s capex intensity will remain elevated, requiring it to exit Infratel post-merger and infuse more money into its wireless unit, says Ambit Capital.
Of 30 brokerages covering the stock, 22 rate it “buy” or higher, four “hold” and four “sell” or lower; their median price target is Rs 500, according to Thomson Reuters Eikon data.
The stock was the fourth-largest contributor to NSE and BSE indexes.
(With inputs from Reuters)
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