Brokerages seem to be bullish on Bharti Infratel stock and see the upside of nearly 23 per cent. Amid lockdown restrictions, Bharti Infratel last month extended its deadline for completion of a merger with Indus Towers to June 24.
Bharti Infratel share price zoomed over 8 per cent on BSE in otherwise weak trade on Friday to hit a day’s high of Rs 242.60 apiece. Bharti Infratel stock price has doubled from its March of Rs 121.25, while the scrip price is still 22 per cent down from its 52-week high of Rs 295.75 touched in December last year. Analysts believe that multiple newsflows and higher ARPUs among other reasons played as positive for Bharti Infratel stock price. “The stock and the sector both are in a strong uptrend over the past few months as multiple positive news flow, higher Arpus, improved visibility of revenues and stake sale in various companies of the sector remains positive,” Vikas Jain, Senior Research Analyst at Reliance Securities told Financial Express Online. “Bharti Infratel has crossed its long term 200-day average and could see further upside,” Vikas Jain further added.
Brokerages seem to be bullish on Bharti Infratel stock and see the upside of nearly 23 per cent. Amid lockdown restrictions, Bharti Infratel last month extended its deadline for completion of a merger with Indus Towers to June 24. “The closure of the Indus-Infratel deal is imminent. The deal closure would not only result in VIL’s deleveraging but also pave the way for reducing telcos’ ownership and higher perceived independence for Bharti Infratel,” research and brokerage firm IIFL Securities said in its latest report. The brokerage firm has pegged an upside of 23 per cent with a 12-month price of Rs 274 per equity. It has also revised its rating to ‘buy’ from ‘add’.
Bharti Infratel, currently 53.5 per cent-owned by Bharti Airtel, owns and operates over 40,000 towers. It holds 42 per cent in Indus Towers, which is a tripartite joint venture between Bharti Infratel, Vodafone PLC, and Vodafone Idea in the 42:42:11 ratio. Around 11.30 AM, Bharti Infratel shares were trading at Rs 235.90 apiece with a gain of 5.38 per cent. While Vodafone Idea share price zoomed 35 per cent to Rs 7.85 apiece in otherwise Friday’s weak trade.