Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd
Bharti Airtel was quite volatile for the day by touching intraday high of up by 12.6% but closing up by only 4.3%. Airtel rallied strongly due to strong quarterly result yesterday announced by the Company post market hrs and news around National Securities Depository (NSDL) increasing the company's foreign ownership limits to 100% from 49%. But later, NSDL clarified that Bharti's foreign investment limit for the time being will be monitored at 49% which led to correction in the stock from day's high. We are bullish on the Company considering that industry dynamics are looking favorable, it is expected to gain revenue market share and stock has corrected ~25% from its high which provides valuation comfort.
Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.451.45 as compared to the previous close of Rs. 433. The total number of shares traded during the day was 3906544 in over 52155 trades.
The stock hit an intraday high of Rs. 487.8 and intraday low of 443.2. The net turnover during the day was Rs. 1792537052.