Bharti Airtel Hits ₹1,000 Mark, Enters Elite Club

Bharti Airtel Hits ₹1,000 Mark, Enters Elite Club

VoM News Desk | November 29, 2023 | 03:35 PM IST | Breaking News | Follow on Google News

Bharti Airtel Hits ₹1,000 Mark, Enters Elite Club

Bharti Airtel Hits ₹1,000 Mark, Enters Elite Club

Bharti Airtel, a prominent player in India’s telecommunication sector, achieved a significant milestone as its shares soared above ₹1,000, marking a historic high. The stock reached ₹1,007 apiece, a 2.24% increase, signaling a momentous occasion in its trading history. This breakthrough comes after several attempts, underscoring the company’s strong market presence and investor confidence.

Steady Growth and Market Performance

The company has shown a remarkable growth trajectory over the years. In CY19, Bharti Airtel’s stock delivered an impressive 59% return, followed by consistent gains in subsequent years: 11.83% in CY20, 37% in CY21, and 18% in CY22. This year, the company continued its upward trend, recording a 23.56% return, significantly outperforming the benchmark Nifty 50’s 10.62% gain. Bharti Airtel’s market capitalisation approached ₹6,00,000 crore, with the company ranking seventh among Indian firms with over ₹5,00,000 crore in market cap.

Challenges and Future Outlook

Despite a 37% decrease in net profit for Q2 FY24, primarily due to increased tax liabilities and litigation costs, Bharti Airtel’s performance remained robust after adjusting for non-recurring items. The company’s revenue and ARPU (average revenue per user) showed positive growth, indicating strong operational efficiency. Domestic brokerage firms, including Geojit Financial Services and Axis Securities, have expressed a bullish outlook on the stock, with target prices ranging from ₹1,042 to ₹1,155. Bharti Airtel’s 4G/5G rollout plans, strategic capital allocations, and digital portfolio expansion contribute to the optimistic projections for its future performance.

VoM News Desk

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