Bharti Airtel's market capitalisation raced past ₹10 lakh crore market capitalization on Thursday after the telecom companies' shares surged over 1%.
What Happened: Bharti Airtel's market capitalization reached 10.21 lakh crore on Thursday after its share price hit an all-time high of ₹1680. This has made Bharti Airtel the fourth Indian company to accomplish the feat.
Reliance Industries, Tata Consultancy Services and HDFC Bank are the other companies that have surpassed ₹10 lakh crore in market capitalisation.
Bharti Airtel's shares have been on a tear in 2024. The stock has gained over 63% so far in 2024 and gained 13% in the last month.
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Analysts are bullish on Bharti Airtel's prospects due to further tariff rate hikes. Jefferies recently maintained "buy" call on the telecom company with a target price of ₹1,970. The research firm raised revenue and EBITDA estimates for company's India business by 5%-9% for FY26 and FY27, respectively.
The brokerage sees a 10% tariff hike in mid-FY26, followed by another 10% hike in the second quarter of FY27 for the telecom.
Price Action: Shares of Bharti Airtel reversed early gains to trade down 0.02% at ₹1,654.55 on Thursday.
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