The shares of Bharti Airtel Limited were trading in green at Rs 768 levels till 111.30 am on Friday. Last week the stock rallied and reached its all-time high of Rs 797. So far this year, the stock has been volatile and gained approximately 11 percent YTD.
Prime Minister Narendra Modi is officially going to inaugurate the first 5G mobile services of Bharti Airtel and Reliance Jio commercially on Saturday, October 1st, 2022. The rollout will be in a few selected cities across the country.
Further, Airtel Payments Bank is a subsidiary of Bharti Airtel and is also the first ever company to receive the Payments Bank license from the RBI in India. It has started rolling out 1.5 lakh micro ATMs in a phased manner across tier 2 cities and semi-urban regions to facilitate cash withdrawal for its customers.
Prabhudas Lilladhar has a ‘Buy’ rating on Bharti Airtel with a target price of Rs 1,032 per share which represents an upside of 35% from the current levels.
In Q1FY23, the company reported total revenue of Rs 32,804 crores which increased from Rs 26,583 crores in the same quarter a year earlier. Their net profit stood at Rs 2,306 crores in the quarter under review as compared to Rs 1,436 crores in Q1FY22.
Bharti Airtel Limited, commonly known as Airtel, is an Indian multinational telecommunications services company. It is a leading global telecommunications company operating in 18 countries across Asia and Africa.
Pastel Ltd, an entity of Singtel, divested a 1.59 percent stake in Bharti Airtel for Rs 7,261 crores through an open market transaction bringing its shareholding in the company down to 12.21 percent. Overall the promoters hold a 55.93 percent stake and the Foreign Institutional Investors (FIIs) hold an 18.54 percent stake.
Written by Anoushka Roy
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