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The Sensex surged by 702.50 points to close at 79,746.24, while the Nifty rose by 209.20 points to 24,123.40, driven by gains in pharma, infrastructure, energy, and auto sectors. Despite this rebound, experts caution that ongoing FII selling and other negative factors may hinder a sustained recovery, advising investors to remain cautious.
Bharti Airtel shares surged nearly 6% on November 29, becoming the top gainer on the Nifty 50, following an upgrade to 'Buy' by ICICI Securities, which set a target price of Rs 1,875. The stock has risen 62% year-to-date, significantly outperforming the Nifty 50's 10% increase. This recovery contrasts sharply with its previous derating phase from FY11 to FY20, marked by challenges such as the entry of Reliance Jio and costly acquisitions.
ICICI Securities has upgraded Bharti Airtel to a BUY rating with a target price of Rs 1875, citing strong fundamentals and a significant EBITDA CAGR of 14.8% over the next two years. Despite a higher EV/EBITDA valuation compared to APAC peers, Bharti's FCF yield of 6.7% remains competitive, indicating potential for further valuation growth.
Bharti Airtel Ltd.
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Sensex and Nifty rebound as pharma and infra stocks surge
10:43 29.11.2024
Bharti Airtel surges 6 percent after upgrade to buy by ICICI Securities
09:32 29.11.2024
Bharti Airtel upgraded to buy with target price of Rs 1875
07:19 29.11.2024
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