Bharti Airtel share price rises on launching 'Airtel IoT'; brokerages maintain buy

Foreign broking house CLSA has maintained 'buy' on Bharti Airtel with a target at Rs 730 per share.

April 08, 2021 / 09:44 AM IST
 
 
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Bharti Airtel share price rose a percent in early trade on April 8 after the company launched 'Airtel IoT' - an integrated platform that enables enterprises to harness the power of Internet of Things (IoT) and be ready for the emerging era of connected things.

"Airtel IoT is an end-to-end platform with the capability to connect and manage billions of devices and applications in a highly secure and seamless fashion," the company said in the release.

According to Ajay Chitkara, Director & CEO - Airtel Business, "Enterprises have three key requirements for loT. First, connectivity solutions that future proof their device and application investments. Second, the security of their data. And third, seamless integration with existing IT systems to make IoT data actionable. Airtel loT is built on these insights to massively simplify the loT journeys of enterprises."

Foreign broking house CLSA has maintained buy on Bharti Airtel with a target at Rs 730 per share.

The company has been aggressively digitising its operations, while improving ESG underlined by longstanding Singtel partnership, reported CNBC-TV18.

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On April 6 Bharti Airtel announced an agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio. The agreement is subject to statutory approvals.

"This stock, after a prolonged consolidation, has witnessed a falling channel pattern breakout on the daily timeframe and is currently trading above its trendline support. It is trading above its 21, 50 and 100- day exponential moving averages on the daily timeframe which is positive for the near term," said Rohan Patil, technical analyst at Bonanza Portfolio.

"There has been above-average volume set up for the past few days. Momentum oscillator RSI (14) has given a horizontal trendline breakout which was placed at 40 levels. Currently, RSI is reading below 50 levels with a bearish crossover," he added.

We maintain buy with a target price of Rs 569 and stop loss at Rs 525 for an upside of 5 percent, Patil said.

At 09:24 hrs, Bharti Airtel was quoting at Rs 543.50, up Rs 2, or 0.37 percent on the BSE.

The share touched a 52-week high of Rs 623 and a 52-week low of Rs 394.05 on 04 February 2021 and 19 October 2020, respectively.

Currently, it is trading 12.76 percent below its 52-week high and 37.93 percent above its 52-week low.
Moneycontrol News
first published: Apr 8, 2021 09:44 am

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