Large Cap telecommunication stock gained over 2% today from its low after Goldman Sachs , Abu Dhabi investment authority, and various other institutional investors bought its share in a Bulk deal.
With a market cap of ₹7,27,801 crores, shares of Bharti Airtel Ltd listed on NSE as ‘BHARTIARTL’ marked a new all time high on March 7. Over 90 lakh shares were bought in multiple block deals by multiple parties.
Goldman Sachs, which is a major global investment and financial service provider bought most numbers of shares of Airtel. In the last 1 week the telecommunication company has risen by more than 110 points returning over 10 percent.
Now, Bharti Airtel has breached its 52 week high of ₹1200 and close above it showing bullish sentiment throughout the day.
Strong Fundamentals driving growth for Airtel
Fundamentally, the latest quarter has been the strongest for Airtel in the last ten years. The company reported highest EBITDA and Net Profits this quarter.
This high dividend paying company also has reported consistent growth in their annual sales, which might be a major reason why Foreign Institutional Investors are buying its shares.
Airtel’s Return on equity (ROE) has also been rising from 13.25% in 2022 to 17.08% in 2023, a growth of 3.8%. The telecom company also enjoys healthy EBITDA margins of 52% which is good for expansions.
Institutions held around 40.83% of Bharti Airtel’s shares in the year 2022, which increased by 1.5% by the end of December 2023. Past one year has been very strong for the company as it has returned more than 64% to its investors.
In the first quarter of 2023, Airtel was trading at price of ₹751 per share, after which the stock attracted buyers, which led the company to its new all time high.
