Airtel shares rise 3.5% after 10,486 cr adjusted profit
Business
Airtel's shares jumped 3.5% on Thursday after the company dropped its March quarter numbers.
While net profit fell 33.5% to ₹7,325 crore (thanks to a one-time regulatory charge), the underlying story was much brighter: adjusted profit hit ₹10,486 crore and revenue grew 16% year-over-year, powered by strong business in both India and Africa.
Brokerages upbeat on 28,200 cr share-swap
Airtel also announced a major ₹28,200 crore share-swap deal to boost its stake in Airtel Africa.
The market loved it: brokerages like Jefferies raised their target price, calling the terms attractive.
J.P. Morgan and Morgan Stanley kept their upbeat targets too, saying the deal could boost earnings going forward.