Bharti Infratel rose 2.05% to Rs 338.45 at 15:16 IST on BSE on reports that a foreign brokerage has upgraded the stock to neutral from underperform.
Meanwhile, the S&P BSE Sensex was down 6.66 points or 0.03% at 26,206.78.
On the BSE, 71,000 shares were traded on the counter so far as against the average daily volumes of 1.99 lakh shares in the past one quarter. The stock had hit a high of Rs 345 and a low of Rs 333.55 so far during the day.
The stock had hit a 52-week high of Rs 436.40 on 30 December 2015 and a 52-week low of Rs 302.10 on 24 June 2016. It had underperformed the market over the past one month till 27 December 2016, sliding 6.63% compared with the Sensex's 0.39% fall. The scrip had also underperformed the market in the past one quarter, declining 7.48% as against the Sensex's 7.12% fall.
The large-cap firm has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.
The foreign brokerage reportedly said though Bharti Infratel continues to face headwinds in the near term including headwinds from increased competition and consolidation by mobile operators, the risk-reward is more balanced after recent underperformance.
The brokerage noted that accelerated 4G deployment by telecom companies could result in strong growth in tenancy, or rental of mobile towers, over the next few quarters.
Bharti Infratel's consolidated net profit rose 30.8% to Rs 773.80 crore on 9% growth in net sales to Rs 1496.30 crore in Q2 September 2016 over Q2 September 2015.
Bharti Infratel is a provider of telecom tower and related infrastructure.
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