Bharti Airtel shares rise 2% on adding new 36 lakh users in October; Axis Securities gives a target of Rs 676

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Bharti Airtel share price gained over 2 percent in the morning session on December 24 after the telecom major added over 36 lakh users in the month of October.

Bharti Airtel continued adding subscribers to its network in the month of October beating Reliance Jio for the third straight month, taking its user base to 33.02 crore. The company had added over 36 lakh new users in October, according to the monthly subscription data by the Telecom Regulatory Authority of India (TRAI).

The total broadband subscriber base grew 1.17 percent MoM reaching 7,348 crore. Broadband market share (wired and wireline) of Bharti Airtel was 23.17 percent.

The stock was trading at Rs 520.90, up Rs 13.55, or 2.67 percent. It has touched an intraday high of Rs 521.00 and an intraday low of Rs 515.15.

Domestic research firm Axis Securities has a buy rating on Bharti Airtel with a target of Rs 676 per share. This equates to an upside of 30 percent from current levels.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.