Bharti Infratel moves higher on brokerage rating

Bharti Infratel was up 3.01% to Rs 353 at 15:10 IST on BSE on reports that a foreign brokerage has maintained outperform rating on the stock for a target of Rs 400.

Meanwhile, the S&P BSE Sensex was down 52.33 points or 0.18% at 29,370.06.

On the BSE, 1.32 lakh shares were traded on the counter so far as against the average daily volumes of 71.59 lakh shares in the past one quarter. The stock had hit a high of Rs 356 and a low of Rs 346.40 so far during the day.

The stock had hit a 52-week high of Rs 412.55 on 28 July 2016 and a 52-week low of Rs 283.10 on 28 February 2017. It had outperformed the market over the past one month till 20 April 2017, advancing 11% compared with the Sensex's 0.33% fall. The scrip had, however, underperformed the market over the past one quarter, declining 2.97% as against the Sensex's 8.83% rise.

The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.

On consolidated basis, Bharti Infratel's net profit rose 25.3% to Rs 620.40 crore on 9.6% growth in net sales to Rs 1530 crore in Q3 December 2016 over Q3 December 2015.

Bharti Infratel is one of the leading providers of tower and related infrastructure. It deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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