Bharti Airtel Share Price Hits Seven-Week High Following Block Deal
Over 13.2 lakh shares of Bharti Airtel were sold in a block deal, according to data on Bloomberg.
Share price of Bharti Airtel Ltd. rose nearly 5% to hit a seven-week high on Friday, after a block deal took place on the exchanges. The shares of the company have been rising for the last three consecutive sessions.
Over 13.2 lakh shares of Bharti Airtel were sold in a block deal, according to data on Bloomberg. However, the buyers and the sellers could not be identified.
On the other hand, the over 2% gain on Thursday came after Bharti Airtel was one of the nine stocks picked by Jefferies from India in its recent report, where it has also listed its top picks from other Asian countries.
The latest TRAI data revealed India’s mobile sector revenue was up 14% year-on-year to an annualised Rs 2.69 lakh crore, CLSA said in a note on Dec. 4. Bharti Airtel had the highest revenue growth of 19% during the same period last year, while Vodafone Idea Ltd. and Reliance Jio Infocomm Ltd. reported 2-14% YoY growth, it said.
Bharti Airtel Share Price
The scrip rose as much as 4.50% to Rs 1,683.10 apiece, the highest since Oct. 25. It pared gains to close 4.42% higher at Rs 1,681.75 apiece. This compared to a 0.89% advance in the NSE Nifty 50.
It has risen 68.13% in the last 12 months and 63.03% year-to-date. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 64.
Out of 35 analysts tracking the company, 29 maintain a 'buy' rating, four recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 7.6%.
