Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Bharti Airtel with a target between Rs 865 – Rs 885 in the coming days.

The report further stated that, if the counter is successful to breach 835, then it will create a huge breakout.

Interested investors can buy the stock on dips and hold.

In addition, the firm has suggested a support level for the scrip at Rs 795.

Today (July 20), the shares of the company opened at Rs 835.05 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 40.79 & 20.79 respectively. The share price has seen a 52-week high of Rs 990 and a low of Rs 484 on BSE.

South Africa`s MTN, on July 18, said that it is making talks with a lenders group to secure a $3.5 billion syndicated loan to support its planned merger with India`s Bharti Airtel.

Both the telecom giants are discussing over a contract, which could lead to a full merger, forming the world`s third largest wireless group with over 200 million subscribers and joint revenue of $20 billion.

Bank of America-Merrill Lynch and Deutsche Bank are directing MTN on the agreement.

In June 2009, Bharti Airtel has added 2.82 million mobile users. The newly added users list has taken Bharti Airtel`s overall subscriber base to 102.4 million.

Moreover, the company has entered into agreements with 23 global carriers of voice and data including Australia’s Telstra and UK-based Cable & Wireless that will utilize the Indian firm’s submarine cable network to route their India traffic.

Bharti Airtel, on July 08, said that it can divest its 36% equity stake in South Africa’s MTN Group via GDRs without MTN issuing a compulsory open offer.

The company’s move has been authorized by SEBI.