Bharti Hexacom up 13% on Jefferies’ upgrade to ‘Buy’ with Rs 1,600 target

Shares of Bharti Hexacom hit a record high of Rs 1,454, as they surged 13 per cent on the BSE in Friday’s intra-day trade after the global brokerage firm Jefferies upgraded the stock to ‘Buy’, and raised the scrip’s target price to Rs 1,600 per share.

The brokerage firm cited Reliance Jio’s rising focus on growth and Vodafone Idea’s market share losses, coupled with the telecom industry’s need for multiple tariff hikes over the next few years as reasons to go bullish on Bharti Hexacom.