Bharti Airtel jumps after brokerage hikes price target

Bharti Airtel rose 5.01% to Rs 442.10 after a foreign brokerage retained its buy rating on the stock while raising its target price to Rs 515 per share from Rs 415 per share.

The brokerage reportedly raised its estimates on Bharti Airtel's average revenue per user (ARPU) by 1% and its revenue by 2% for FY21-22.

Meanwhile, the S&P BSE Sensex was up 368 points or 0.91% to 40,727.27.

The stock was trading in the range of Rs 421 to Rs 445.70 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 69.283. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day and 200-day moving average (DMA) placed at Rs 371.21 and Rs 339.03 respectively.

Bharti Airtel reported a consolidated net loss (excluding extraordinary items) of Rs 23,044.90 crore in Q2 September 2019 compared with a net profit of Rs 118.80 crore in Q2 September 2018. Net sales rose 4.9% to Rs 21,131 crore in Q2 September 2019 from Rs 20,147.80 crore in Q2 September 2018.

Bharti Airtel is a global telecommunications company with operations in 17 countries across Asia and Africa.

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