Bharti Infratel is holding on to its position as the top gainer on the bourses since the opening bell. The stock is up 7% at Rs.310 levels, with robust volumes of around 3 times.
This is the power of an upgrade from a foreign fund! Suddenly a stock gets catapulted into the limelight for no new reason, only because an FII thinks it’s the right time to “report” about it.
CLSA put out a report saying that it has upgraded the stock from ‘outperform’ to ‘buy.’ It has also set the target price at Rs.356.
The reason for this upgrade? CLSA states that with recent sharp correction in stock, risks related to tenancy impact due to likely Vodafone-Idea merger are overdone now. These M&A deals in telecom space would be a positive catalyst for Infratel's growth and strengthen its position in the tower space in India.