Karvy Stock Broking Limited has maintained ‘Buy’ rating on Bharti Airtel stock with an intraday target of Rs 750.

According to Karvy, day traders can purchase the stock between Rs 725-732 with a strict stop loss of Rs 710. If the stock market remains on positive track, the next target for the day will be above Rs 765.

Shares of the company, on Wednesday (July 9), closed at Rs 747.40 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 764838. Current EPS and PE Ratio stood at 32.90 and 22.37 respectively. The share price has seen a 52-week high of Rs 1149 and a low of Rs 688 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

Airtel and Tata Indicom have slashed their pre-paid tariff rates from July 5 and launched new schemes. The move is to retain their existing customers and woo new clients. All the pre-paid customers of Bharti Airtel in Delhi and NCR area would be capable of making local calls to any mobile or landline at 50 paisa per minute by recharging with Rs 49.

Bharti AXA General Insurance, a joint venture between Bharti Group and AXA Group today announced that the company has been granted certificate of registration by the Insurance Regulatory Development Authority (IRDA), thus paving way for the commencement of business.

On June 21, Bharti Airtel has formed a strategic alliance with the Indian Farmers Fertiliser Co-operative (IFFCO) and formed a new joint venture company called IFFCO Kisan Sanchar (IKSL).

On Jun 18, the company entered into a network-to-network interface (NNI) contract with Pacnet to interconnect the networks of both the companies for expanding connections in and beyond India.

In addition, Airtel and Pacnet will also introduce a `Gateway to India` offering for high capacity International Private Line circuits between the United States and India that would leverage the strengths of each company`s subsea assets to provide a fast, resilient end-to-end connection for enterprise customers.

Moreover, Bharti Airtel will be launching the newly-unveiled iPhone 3G in India later this year.

The board of directors of Bharti Airtel, in its meeting held on Jun. 2, 2008, has allotted 93,408 fully paid up equity shares upon conversion of USD 500,000 FCCBs.

The company registered a 39.28% growth in net profits to Rs 17,923.00 million for the quarter ended in March 2008 from a profit of Rs 12,868.40 million for the quarter ended in March 2007.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes MTNL, Idea Cellular, Tata Comm and Reliance Comm.