Bharti Airtel has target of Rs 400-420: Baliga

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ambareesh Baliga See what other Experts & Brokerages are saying about Bharti Airtel See messages about Bharti Airtel Bharti Airtel BSE | NSE 10/02/12 Are Mutual Funds betting on Bharti Airtel?

Bharti Airtel has target of Rs 400-420, says Ambareesh Baliga of Karvy Stock Broking.

Baliga told CNBC-TV18, "We have taken a contrarian call on telecom since the last 3 months. We are still positive on Bharti Airtel which we have been buying at every dip."

He further added, "From a short term angle, I think Bharti should top of closer to Rs 323-324 that is the level where there is a major resistance but we still have a longer term target of around Rs 400-420, which I think should be achieved over the next 12-15 months."

The share closed at Rs 300, up Rs 2.05, or 0.69% with volumes of 995,890 shares. Yesterday the share closed up 1.09% or Rs 3.20 at Rs 297.95. Market capitalisation stands at Rs 113,917.66 crore.

The company's trailing 12-month (TTM) EPS was at Rs 24.68 per share. The stock's price-to-earnings (P/E) ratio was 12.16. The latest book value of the company is Rs 72.49 per share. At current value, the price-to-book value of the company was 4.14. The dividend yield of the company was 0.33%.

The company touched its 52 week high Rs 495.00 and 52 week low Rs 229.50 on 19 May, 2009 and 27 Nov, 2009, respectively. Currently, it is trading -39.39% below its 52-week high and 30.72% above its 52-week low.