Bharti Airtel has rallied 7% to Rs 318 after global research firm Nomura upgraded the stock to ‘Buy’ with target price of Rs 360.
Analyst at Nomura upgraded Bharti Airtel from neutral to buy with price target of Rs 360, citing reason that the stock trading closer to lower end of historical average, the Bloomberg report suggests.
Meanwhile, Bharti group Chairman Sunil Mittal said that the company’s debt is at comfortable level.
“Our 2.5 debt to EBIDTA ratio is at very comfortable level. Most of other companies are at 3 and some are even at 4. Our debt situation is very comfortable" said Sunil Mittal, the PTI report suggests.
The stock opened at Rs 303 and hit a low of Rs 299 in early morning deals on NSE. The counter has seen a huge trading activity with a combined 8.25 million shares changing hands till 1500 hours against an average around 5 million shares that were traded daily in past two weeks.