Bharti Infratel rose 1.36% to Rs 354.50 at 11:33 IST on BSE on reports a foreign brokerage has upgraded its recommendation on the stock to buy.
Meanwhile, the S&P BSE Sensex was down 1.09 points at 26,877.15.
On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 1.24 lakh shares in the past one quarter. The stock had hit a high of Rs 355.40 and a low of Rs 351.60 so far during the day.
The stock had hit a 52-week high of Rs 426 on 6 January 2016 and a 52-week low of Rs 302.10 on 24 June 2016. It had underperformed the market over the past one month till 5 January 2017, sliding 9.74% compared with the Sensex's 2.01% rise. The scrip had also underperformed the market in past one quarter, declining 6.99% as against the Sensex's 4.76% fall.
The large-cap company has equity capital of Rs 1849.61 crore. Face value per share is Rs 10.
The brokerage expects stronger tenancy growth for Bharti Infratel. Bharti Airtel's stake sale in the company could be a catalyst, it added. The brokerage has raised its earnings estimates for Bharti Infratel by 2-3% for FY 2018-19.
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. The company is scheduled to announce Q3 December 2016 results on 23 January 2017.
Bharti Infratel is a provider of telecom tower and related infrastructure.
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