India's Bharti Hexacom rises after JP Morgan initiates with "overweight"

Bharti Hexacom

16/07/2024 07:45

** Shares of telecom firm Bharti Hexacom  BHAX.NS  up 5.3%
at 1,121.05 rupees
    ** JP Morgan initiates coverage with "overweight" rating and
PT of 1,280 rupees - the second-highest on the stock as per LSEG
    ** Hexacom's presence in underpenetrated regions like
Rajastan and North East to provide tailwinds from subscriber
growth and ARPU expansion - JPM
    ** Terms BHAX "best player" in Indian telecom space, making
it the second global brokerage to hold this view after Investec
    ** Tariff hikes and reduction in capex to help cut net
debt-to-EBITDA ratio to 0.5x in FY27 from 2.3x, adds JPM
    ** Six brokerages rate stock the equivalent of 'buy' or
higher and one 'hold' as per LSEG; the median PT is 1,230 rupees
    ** Stock up ~41% since listing on April 12

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))