The share price of Bharti Airtel rose 5 percent in the morning trade on January 15, a day after MSCI Global Standard Indexes said it will raise the weightage of the telecom operator in the February 2021 quarterly review.
National Securities Depository Limited (NSDL, on January 12 had updated the foreign investment limit for Bharti Airtel from 49 percent to 100 percent.
The company has divested its stake in Seynse Technologies Private held through Nettle Infrastructure Investments Limited, a wholly-owned subsidiary of the company.
The research house has kept “buy” rating on the stock with a target at Rs 645 per share
It expects the company to report a 30 percent year-on-year mobile revenue growth in the third quarter, while being surprised by recent operating outperformance of Bharti relative to Jio.
“We are no incrementally more constructive on company and raise our India wireless estimates and reiterate buy call,” CNBC-TV18 reported the research house as saying.
The research house has maintained “overweight” call with the target at Rs 680.
The proforma foreign inclusion factor would be announced on February 9. This confirmation removes uncertainty about the timing of a possible weight revision, reported CNBC-TV18.
At 0916 hours, Bharti Airtel was quoting at Rs 603.85, up Rs 23.30, or 4.01 percent, on the BSE.
The share touched its 52-week high of Rs 611.70 on May 20, 2020 and a 52-week low of Rs 381.05 on March 19, 2020. It is trading 1.28 percent below its 52-week high and 58.47 percent above its 52-week low.