Bharti Airtel has become one of the most favourite stocks of analysts for the next year. The share price is up 12% in one year. According to the monthly report received by Telecom Regulatory Authority of India’s (Trai), Bharti Airtel maintained its leadership in mobile subscribers addition for the second month in a row. India’s telecom subscriber base grew to over 1.17 billion in October where Bharti Airtel accounts for over 98% of total connections in the country. Trai released the monthly report on Wednesday. In September, Bharti Airtel had regained the leadership position in subscriber addition after a gap of four years.
Analysts are bullish on the stock. Emkay Research expects the telecom share to surge 32% higher. The brokerage has set a target price of ₹684. Current market price of the share is ₹516.
Also Read | Inside the farmer disquiet at Delhi’s doorstep
CLSA sees a target price of ₹715 for Bharti Airtel stock, an upside of 42% from the current levels. Motilal Oswal has set a target price of ₹650. Axis Securities has kept the target price at ₹657.
The Sunil Bharti Mittal-led company added 3.67 million new customers in October, taking its total wireless customer base to 330.28 million in October 2020, the Trai report said.
Airtel was followed by Reliance Jio, which added 2.22 million new mobile customers, taking its total subscriber base to 406.35 million during the reported month.
The other four mobile service providers — Vodafone Idea Ltd (VIL), BSNL, MTNL and Reliance Communications — reported loss of subscriber base, shows Trai report.
#Emkay #Research #sees #upside #Bharti #Airtel #share #price