Bharti Airtel rose 0.92% to Rs 398.50 at 12:34 IST on BSE on buzz a foreign brokerage retained its high conviction buy on the stock citing the company's improving fundamentals and impending valuation rerating.
Meanwhile, the S&P BSE Sensex was down 346.15 points or 1.23% at 27,765.68.
On BSE, so far 2.89 lakh shares were traded in the counter as against average daily volume of 2.96 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 2.21% at the day's high of Rs 403.60 so far during the day. The stock fell as much as 1.19% at the day's low of Rs 390.15 so far during the day. The stock had hit a 52-week high of Rs 419.90 on 19 September 2014. The stock had hit a 52-week low of Rs 289.80 on 25 March 2014.
The stock had outperformed the market over the past one month till 25 March 2015, surging 13.53% compared with the Sensex's 3.09% fall. The scrip had also outperformed the market in past one quarter, jumping 11.48% as against Sensex's 3.32% rise.
The large-cap telecom firm has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.
According to reports, the foreign brokerage retained its high conviction buy on Bharti Airtel, saying with end of auction, the longstanding overhang will end and focus will return to Bharti's improving fundamentals and impending valuation rerating. While India mobile spectrum auctions have concluded (although results are awaited), Bharti Airtel continues to see market share gains with improving execution on the ground, the brokerage reportedly said.
Bharti Airtel's consolidated net profit jumped 135.4% to Rs 1436.50 crore on 5.8% growth in net sales to Rs 23217.10 crore in Q3 December 2014 over Q3 December 2013.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa.
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