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Morgan Stanley starts Bharti Infratel at 'overweight'
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An advertisement for Bharti Infratel Limited's initial public offering (IPO) is seen posted on a wall as a roadside vendor selling magazines and newspapers waits for customers in New Delhi December 12, 2012.
Credit: Reuters/Adnan Abidi/Files
Reuters Market Eye - Morgan Stanley initiates coverage on Bharti Infratel Ltd (BHRI.NS) with an 'overweight' rating and a target price of 255 rupees.
The investment bank says the mobile tower operator will benefit from increased wireless data traffic growth, as well as a healthy balance sheet, especially as operators extend 3G services.
Bharti Infratel also has positive free cash flow and balance sheets, as well as "attractive valuations".
Bharti Infratel shares up 0.7 percent at 206.73 rupees. That was down 10.3 percent from its IPO price of 220 rupees for funds and wealthy investors, who received the majority of the allocation. Bharti Infratel sold shares to retail investors at 210 rupees and to cornerstone investors at 230 rupees.
(Reporting by Manoj Dharra)
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