CLSA has retained its buy rating on Bharti Airtel with a target price of Rs 410, given its strong execution, potential improvement in balance sheet and with valuations at around 20 percent discount to 3 years EV/EBITDA.
Equity benchmarks remained directionless in noon trade with the Sensex hovering around 27500 level after sharp sell-off seen in previous session due to close competition for US presidential elections between Hillary Clinton and Donald Trump.
Eicher Motors and Hindalco Industries rallied 3 percent each. HDFC, Bosch, GAIL, M&M, Lupin and ICICI Bank gained 1-2 percent whereas ONGC, Axis Bank, Infosys, TCS, Sun Pharma, Kotak Mahindra Bank, ONGC, Axis Bank, Tata Power and Tech Mahindra were losers.
Benchmark indices continued to consolidate in morning trade with the Nifty hovering around 8700 level. Banking & financials, oil and select auto stocks gained whereas IT and infra stocks were under pressure.
Telecom tower infrastructures provider Bharti Infratel is expected to report a 8.6 percent degrowth in second quarter profit at Rs 691 crore on sequential basis despite operational performance, according to average of estimates of analysts polled by CNBC-TV18.