Friday, 8 March 2013

Bharti Airtel gains on Credit Suisse outperform report

Shares of country's largest telecom operator Bharti Airtel  gained 1 percent on Friday morning as the foreign research house Credit Suisse keep an outperform rating on the stock with a target price of Rs 385.

Credit Suisse expects the company's revenue per minute to surprise on the upside led by continued tariff hikes.

India's top mobile phone carrier had raised voice call prices to account for rising costs in January 2013.

The company had said in a statement it did not increase headline tariffs but reduced promotional benefits and free minutes offered to customers, adding that the price change was in line with the increase in its costs.

Other positive news - According to Reuters, Bharti Airtel is looking to sell up to a quarter of its satellite TV services arm and is in talks with several potential suitors, two sources with direct knowledge of the situation said.

India's top telecommunications carrier is looking at a valuation of little over USD 1 billion for the unit that had 7.9 million digital television customers as of December, one of the sources said.

At 09:44 hours IST, shares moved up 0.86 percent to Rs 323.20 on Bombay Stock Exchange

Sandip Ginodia
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