Bharti Airtel soars 6% on Nomura's upgrade

Nomura upgraded Bharti Airtel to "buy" from "neutral" and raised its target price to Rs 360 rupees from Rs 315 rupees, citing the company's optimistic outlook on operational trends and forex impact.

Among key takeaways from the management, Nomura said voices price should continue to rise for the next two-three quarters and cash flow from the African business should improve.

Nomura added it is not easy to analyse the forex impact for Bharti given its $10 billion foreign debt, but the company doesn't think the real impact will be significant given its financial and natural hedges.

Bharti shares traded up 6.38 per cent at 2.50 p.m.

Copyright Thomson Reuters 2013