Bharti Airtel hits over 3-week high on strong June-quarter results

Shares of Bharti Airtel Ltd rose 4.5 percent to Rs 373.90, highest since July 3. The company posted surprise Q1 profit on Thursday, beating analyst estimates.

Airtel’s capex intensity will remain elevated, requiring it to exit Infratel post-merger and infuse more money into its wireless unit, said Ambit Capital.

Of 30 brokerages covering the stock, 22 rate it “buy” or higher, four “hold” and four “sell” or lower; median price target Rs 500, according to Thomson Reuters Eikon data.

The stock is the fourth-largest contributor to NSE and BSE indexes.

At 1.12 pm, Bharti Airtel shares traded at Rs 361.15, higher by 0.99 percent or rising by Rs 3.55 in value on the BSE.

The stock opened at Rs 363.90 and has ranged between Rs 373.35 on the upward side and Rs 351.60 on the lower side.

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