Bharti Infratel rises 3% after Morgan Stanley resumes coverage with overweight rating

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Morgan Stanley said industry's structure has improved and three operators now dominate telecom sector.




Bharti Infratel shares gained 2.6 percent intraday on June 27 after global investment firm Morgan Stanley resumed its coverage with overweight rating on the stock, citing stability in tenancy.

The stock was quoting at Rs 276.60, up Rs 5.60, or 2.07 percent on the BSE at 09:49 hours IST.

Morgan Stanley said industry's structure has improved and three operators now dominate telecom sector.


"Airtel's revenue is showing early signs of recovery and in case of Bharti Infratel, large tenancy deletions are done and we are hoping for stability," the brokerage said, adding tariff increase is a key catalyst for stocks and industry repair.


Hence, Morgan Stanley resumed coverage with equal-weight rating on Bharti Airtel and set a price target of Rs 360, implying 4 percent potential upside from current levels.


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