Buy Bharti Airtel, target price Rs 610: ICICI Securities

ICICI Securities has a buy rating on Bharti Airtel with a target price of Rs 610.

While businesses globally are being impacted by externalities including Covid-19, crude price decline and currency volatility. Telcos are facing significant payment demands arising from adverse ruling by the Supreme Court on AGR dues.

Unlike five years back, when INR depreciation posed certain risk due to pain in Airtel Africa, the operations in the region have come a long way. Therefore, on consolidated basis, INR deprecation does not impact Bharti Airtel’s fair value.

The company’s share price moved up by 2.99 per cent from its previous close of Rs 429.10. The last traded price is Rs 441.95. Incorporated in 1995, Bharti Airtel is a largecap company with a market cap of Rs 234452.58 crore.