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Bharti Airtel Gains On Plans To Cut Debt To By Half; Citi Remains Bullish

Share price of telecom major Bharti Airtel gained over a percent intraday on September 18 amid reports that the company aims to nearly halve its debt to about Rs 50,000 crore by the end of 2019-20 (April-March), retaining mostly spectrum dues that are payable annually to the government.

The share price has seen a steady fall in the last one month with the scrip down over 4 percent in the last seven days. The company continued losing subscribers in July as Jio continued adding subscribers every month.

Citi retained its buy call on Bharti Airtel but slashed price target to Rs 400 from Rs 405 as the brokerage made (-2 percent to +2 percent) changes to its EBITDA forecasts. The company remained its only buy in the sector, it said, adding diversified revenue stream has held it in good stead and India mobile business has started showing traction.

Airtel has firmly established itself as the No. 2 player in 4G, Citi said.

At 1032 hrs, Bharti Airtel was quoting at Rs 339.35, up Rs 3.60, or 1.07 percent. It has touched an intraday high of Rs 342.00 and an intraday low of Rs 336.05.―Money Control

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