BNP raises Bharti Airtel to 'buy', cuts Reliance Comm
Reuters Market Eye - BNP Paribas upgraded Bharti Airtel Ltd (BRTI.NS) to "buy" from "hold", it said in a note on Thursday.
Bharti is well positioned to benefit from an improving outlook for the sector, including a consolidating industry, the return of pricing power, and an expected "strong" pick up in wireless data use, says BNP.
BNP also retains its "buy" rating on Idea Cellular Ltd (IDEA.NS), calling the stock its "top pick" in the sector as the company is a "pure play" GSM mobile operator.
However, BNP cut Reliance Communications Ltd (RLCM.NS) to "reduce" from "hold" after noting shares had rallied 33.5 percent in the past three months.
Reliance Communications would have to pay for excess spectrum while suffering from "high" debt and lagging operating performance, BNP adds.
Bharti Airtel shares are down 0.8 percent as of 11:50 a.m. Idea is up 0.1 percent, while Reliance Communications is flat.
(Reporting by Devidutta Tripathy and Manoj Dharra)
- Tweet this
- Share this
- Digg this
- U.S. diplomats' return to Libya could be more hazardous than exit
- Australia approves Adani's $16 bln Carmichael coal project
- Analysis - Amazon's far-reaching ambitions, lack of profits, unnerve investors
- Israel extends Gaza ceasefire for 24 hours, Hamas rejects terms
- Reliance Power to buy Jaiprakash's hydropower business
The Australian government on Monday approved Indian firm Adani Mining Pty Ltd's $15.5 billion Carmichael coal and rail project in Queensland, subject to strict conditions to protect groundwater. Full Article