Reuters Market Eye - Nomura upgrades Bharti Airtel Ltd to "buy" from "neutral" and raises its target price to 360 rupees from 315 rupees, citing the company's optimistic outlook on operational trends and forex impact.
Among key takeaways from the management, the bank says voices price should continue to rise for the next two-three quarters and cash flow from the African business should improve.
Nomura adds it is not easy to analyse the forex impact for Bharti given its $10 billion foreign debt, but the company doesn't think the real impact will be significant given its financial and natural hedges.
Bharti shares are up 6.38 percent at 1450 IST.
(Reporting by Abhishek Vishnoi)