Sharekhan is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 710 in its research report dated September 01, 2020.
Sharekhan's research repor on Bharti Airtel
Supreme Court directed telcos to pay 10% of AGR dues upfront by March 2021 and the balance over 10 years starting FY2022. Bharti Airtel will have to pay ~Rs. 2,600 crore upfront in FY2021 and ~Rs. 3,500 crore annually from FY2022; we believe a price hike is inevitable to offset the impact of AGR dues. We also believe that Bharti Airtel would gain as the market structure moves towards a duopoly. Further, we believe that the valuation gap with Reliance Jio would narrow further.
Outlook
We maintain to our Buy rating on Bharti Airtel with an unchanged price target (PT) of Rs. 710 as it is a solid play in the Indian wireless industry.
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