Bharti Airtel share price surged 5.5 per cent to Rs 554.40 apiece intraday on BSE, taking its total market capitalisation to Rs 3 lakh crore.
Even as Airtel stock is off 9.4 per cent from its 52-week high, it is trading at its highest level since September 2, last year. Image: Reuters
Bharti Airtel share price surged 5.5 per cent to Rs 554.40 apiece intraday on BSE, taking its total market capitalisation to Rs 3 lakh crore. Last year in February, the telecom giant had crossed the Rs 3 lakh crore mcap mark for the first time when its share price rose to Rs 552.85 apiece intraday. Following the COVID-19 pandemic, the stock fell to a 52-week low of Rs 381.05 per share in March due to heavy sell-off. However, in just two months, Bharti Airtel rallied over 60 per cent and scaled a fresh 52-week high of Rs 611.70 apiece. AR Ramachandran, Co-founder & Trainer, Tips2trades, told Financial Express Online that with participation in 5G spectrum bidding and good fundamentals despite the aggressive competition, Bharti Airtel remains a must-have stock in one’s portfolio.
Bharti Airtel shares ended 3.75 per cent up at Rs 545.30 apiece on Thursday. Even as Bharti Airtel stock is off 9.4 per cent from its 52-week high, it is trading at its highest level since September 2, last year. In FY21, sectors such as IT, Telecom and Pharma have been the best performers. Currently, the stock is very close to its resistance of 560-565. Ramachandran advised investors to use dips near Rs 510-520 to add more buy positions for targets of Rs 565 and Rs 605 in the near term.
Bharti Airtel was consolidating well above Rs 500 and Rs 510 levels, said a technical analyst. On the charts, Airtel stock has surpassed the intermediate resistance of 525/530 and currently trading at Rs 545. Abhishek Karande, CMT, Senior Research Analyst, Reliance Securities told Financial Express Online that this move in the stock has the potential to test 580 and later 600 levels, as the higher time frame chart remains bullish. “Decisive close above 600 levels would strengthen the bulls for extended moves into the northern trajectory,” he added.
Last month, Telecom Regulatory Authority of India (Trai) released subscribers data for the month of October, where the Sunil Bharti Mittal’s firm reported the highest number of subscriber additions for the second consecutive month. It reclaimed the leadership position in terms of subscriber addition after a four-year gap. Besides, Airtel has also modified the benefits offered under its Rs 199 prepaid plan by providing more high-speed internet data to its customers