Buy Bharti Airtel with target of 453: Sharekhan

By SiliconIndia   |   Friday, August 21, 2009
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Bangalore: Sharekhan has recommended investors to buy shares of Bharti Airtel with a target price of Rs.453, in its August 19, 2009 report. Bharti Airtel has been reporting a strong growth in its subscriber base, with an addition of about 2.8 million on a monthly basis for the past six months. Its aggressive roll-out of network and better penetration in rural and semi-urban areas are driving the growth in its subscriber base. In the first quarter ended June 30, 2009, Bharti Airtel has posted a net profit of Rs.2,647.95 crore, a 22.2 percent increase year-over-year (YOY) basis. The company's total income during the period under review rose 22 percent to Rs.10,448.69 crore from Rs.8,567.8 crore in the corresponding period a year ago. Currently, the company is hopeful to conclude a merger deal next month with South Africa's MTN to create a telecoms giant and has no plans to sweeten its bid. Sunil Bharti Mittal,Chairman, Bharti Airtel said, "We have extended the talks until September 30. I am very hopeful of a deal before that." In its report, Sharekhan stated, "For April-June 2009 quarter, Bharti Airtel (Bharti) has been successful in strengthening its gross revenue (GR) market share to 33.8 percent and maintaining its subscriber market share at 24 percent, despite the tough competition due to entry of new players, we recommend 'Buy' rating with a price target of Rs.453."
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