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)
Paytm parent One97 says MediaTek to invest $60 million
MUMBAI Taiwan's largest chip designer MediaTek Inc is investing $60 million in India's One97 Communications, valuing the payment services and e-commerce firm at about $5 billion, the company said on Tuesday.
Wall St. ends slightly lower as banks offset Apple drag
NEW YORK Apple Inc was the largest weight on U.S. stock indexes on Tuesday after antitrust regulators ordered the company to pay about $14.5 billion in back taxes to the Irish government, but gains in bank shares partly offset the decline.
Google expands nascent ride-sharing service - WSJ
Alphabet Inc's Google unit plans to open its ride-sharing programme to Waze app users in San Francisco this fall, pitting itself against Uber Technologies Inc, the Wall Street Journal reported.