Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore

Bharti Airtel has hit a new milestone with its shares crossing Rs 1,000 a piece for the first time ever. In today's trading session, the stock successfully crossed this significant threshold, reaching an all-time high of Rs 1,007 apiece, gaining 2.24%

Bharti Airtel's Milestone hit

In the current year, Bharti Airtel has recorded a return of 23.56%, outperforming the benchmark Nifty 50, which registered a 10.62% gain during the same period. With this historic high, the stock has propelled the market capitalisation to Rs 6 lakh crore. At its peak price of Rs 1,007, the company's market cap reached an impressive Rs 5,71,291 crore.

BSE data reveals that so far in India there are only nine Indian publicly listed firms with a market capitalisation of over Rs 5,00,000 crore. Out of this, Bharti Airtel has found itself in seventh position.

Also Read: BSE listed companies' market capitalisation hits $4 trillion for the first time ever

This comes after the company recorded a bullish performance in Q2FY24. The company recorded a net profit of Rs 1,341 crore in the September quarter of this financial year. Though this profit is 37% decrease compared to the Rs 2,145.2 crore reported in the same period last year, the profit after tax (PAT) demonstrated robust growth, registering an increase of 44.2% YoY during the quarter. Its revenue for the September 2023 quarter stood at Rs 34,527 crore, reflecting a 7% growth compared to Rs 37,044 crore in the corresponding period last year.

Following this robust performance, brokerage firms gave the stock a buy rating. Geojit Financial Services has upgraded its rating on the stock to 'buy' and revised the target price to Rs 1,042 per share.

Similarly, Axis Securities has also retained its 'buy' recommendation on the stock with a Target Price of Rs 1,155 apiece. Motilal Oswal and ICICI Securities have also retained a 'buy' call on the stock, maintaining target prices of Rs 1,070 each