Buy Bharti Airtel, target of Rs 789: Sharekhan

Sharekhan has maintained its buy rating on Bharti Airtel with a price target of Rs 789 in its March 09, 2009 research report.
"Given its large subscriber base, Bharti Airtel Ltd (BAL) receives a higher number of incoming calls from the networks of the other operators. Consequently, the reduction in TC for the domestic calls will have a negative impact of around 6.1% on BAL’s estimated earnings for FY2010. However, the negative impact would be partially mitigated by the positive impact of 1.6% on account of the increase of 10 paisa in TC for the ILD calls. Thus, the net impact of the changes in IUC regulation would be limited to 4.5% on BAL’s earnings for FY2010. We maintain our Buy recommendation on the stock with a revised price target of Rs 789," says Sharekhan's research report.
Source: Moneycontrol.com