India's Bharti Hexacom, Bharti Airtel gain as Macquarie positive on earnings

Bharti Hexacom

16/08/2024 07:32

** Shares of Bharti Hexacom  BHAX.NS  rise as much as 4.2%
to 1,175 rupees apiece; last up 2%
    ** Macquarie Equity Research initiates coverage of the stock
with an "outperform" rating and a price target of 1,480 rupees,
an implied upside of 31.5%
    ** Macquarie also upgrades parent Bharti Airtel  BRTI.NS  to
"outperform" from "neutral", citing improvement in earnings from
recent tariff hikes; BRTI shares up 0.7% on the day
    ** Macquarie terms the telecom company BHAX a "bite-sized
Bharti Airtel", adding that BHAX will tread similar growth and
return metrics to parent Bharti Airtel  BRTI.NS 
    ** Expects further improvement in average revenue per user
(ARPU) and drop in net debt to operating profit for BHAX over
fiscal years 2024-2027
    ** Shares of BRTI up 44% in 2024 so far, compared with 12%
rise in benchmark Nifty 50 index  .NSEI 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))