India's Bharti Hexacom jumps as Citi starts with 'buy'

Bharti Hexacom

30/08/2024 07:26

** Shares of Bharti Hexacom  BHAX.NS  up 4.2%, set for best
day since mid-July
    ** Citi starts with 'buy', highlighting "robust" balance
sheet and superior return ratios vs peers
    ** Says telecom firm's return on capital employed of 14% is
better than parent Bharti Airtel's  BRTI.NS  9%
    ** Sees growth potential given relatively low penetration in
Rajasthan and northeast states, the largely rural regions it
serves
    ** Notes BHAX's market-leading 53% share in northeast and a
40% market share in Rajasthan vs market-leader Jio's 46%
    ** Sets TP of 1,405 rupees vs current price of 1,224 rupees
    ** Analysts avg rating on BHAX is "buy"; median TP is
1,247.50 rupees

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))