Bharti Airtel share price near 52-week high. Experts see more upside1 min read . Updated: 05 Aug 2021, 12:49 PM IST
- Bharti Airtel shares today came close to its 52-week high — logging more than 6 per cent intraday gain
Bharti Airtel share price: On account of all-round good performance in Q1FY22, Bharti Airtel shares today came close to its 52-week high — logging more than 6 per cent intraday gain. Bharti Airtel share price today shot up more than ₹40 and hit ₹614 — its intraday high against its previous day's close of ₹574 per stock levels at NSE. According to stock market experts, this rise in Bharti Airtel stocks is due to the strong first quarter results where the company reported 5 per cent Q-o-Q rise in EBITDA, which was much higher than the market estimates of 4 per cent. Experts went on to add that Bharti Airtel share price is still bullish and will make a fresh breakout once it breaks the immediate hurdle of ₹620 to ₹625.
Highlighting the reasons for rise in Bharti Airtel share price; Naval Seth, Research Analyst at Emkay Global Securities said, "While the recent tariff hike was a step in the right direction, the same in the mass prepaid segment continues to be the crucial lever for balance-sheet deleveraging and re-rating. Sustained improvement in data subscription base (60.1 per cent vs. 53.3 per cent in Q1FY21), the highest-ever home broadband subscription adds and an increase in FCF generation to ₹47 bn were the key positives."
Expecting fresh rise in Bharti Airtel shares; Sumeet Bagadia, Executive Director at Choice Broking said, "Bharti Airtel has strong support at ₹580 levels. If the stock breaks its immediate hurdle of ₹620 to ₹625, then there will be fresh break out where one can buy the counter keeping stop loss below ₹620 for fresh targets. However, in case profit booking happens in the counter then one can buy the counter around ₹600 levels for the short-term target of ₹625 to ₹650 keeping stop loss at ₹580."
Naval Seth of Emkay Global said that in Q1FY2021-22, Bharti Airtel's increase in net debt can be attributed to deferred spectrum obligations.
Asked about his views on Bharti Airtel shares in long-term Naval Seth of Emkay Global Securities said that one can buy the counter at CMP for 12 months target of ₹730.
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