Bharti Airtel share price climbs 2% after co raises minimum recharge for pre-paid users

airtel

Shares of Bharti Airtel climbed 2 percent in morning trade on December 30, a day after the company hiked its mandatory minimum recharge for pre-paid customers to Rs 45 from Rs 23.

“…it will be mandatory to recharge with a voucher of Rs 45 or above, every 28 days to avail services,” the company said in a public notice.

Around 11:45 hours, the stock was up 1.14 percent at Rs 460.50 on BSE. The benchmark Sensex was 0.12 percent down at 41,527 at that time.

As of December 27 close, shares of Bharti Airtel have gained almost 59 percent in the calendar year 2019, against a 15 percent rise in Sensex.

In a report on December 4, 2019, foreign brokerage firm Credit Suisse maintained an ‘outperform’ call on the stock with a target price of Rs 550.

“Recent developments of Jio participating in ‘market repair’ process by hiking tariffs and government’s decision to grant two-year spectrum payment moratorium are positives for the sector. We remain constructive on Airtel as it remains well-positioned to capitalise on pricing recovery,” Credit Suisse said.

Over the last two-three years, Airtel has taken several measures to improve its balance sheet by monetising about 18.5 percent stake in Bharti Infratel, US$3.6 billion rights issue and IPO of its Africa subsidiary.

News Source:- Moneycontrol

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