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Bharti Infratel corrects on profit selling

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Bharti Infratel dropped 7.60% to Rs 201.75 on BSE on profit booking after a recent rally.

Shares of Bharti Infratel jumped 7.82% in the past two trading sessions to settle at Rs 218.35 yesterday, 19 May 2020, from its close of Rs 202.50 on Friday, 15 May 2020.

The scrip has risen 26.56% in the past one month to its current market price Rs 201.75 from its close of Rs 159.40 in 20 April 2020.

On the technical front, the stock's RSI (relative strength index) stood at 57.101. 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 moving average (DMA) placed at 176.64 and below its 200-day moving average (DMA) placed at 226.96.

Bharti Infratel's consolidated net profit rose 6.90% to Rs 649.50 crore on a 0.38% increase in net sales to Rs 1,682.10 crore in Q4 March 2020 over Q4 March 2019.

Bharti Infratel is a provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 20 2020. 14:31 IST
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