Karvy Stock Broking Limited has maintained ‘Sell’ rating on Bharti Airtel stock to achieve a target of Rs 670 today.

The investors are advised to sell the stock to avoid loss, as there are full chances of a downward trend in this stock in today’s session.

If the stock fell below Rs 690, it may see more weakness.

According to Karvy, investors can sell the stock below Rs 700 with a strict stop loss of Rs 715.

After selling the stock in today’s session, the interested investors can enter the stock again, but only on declines.

Shares of the company, on Tuesday (July 1), closed at Rs 707.20 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1084187. Current EPS and P/E stood at 32.90 and 21.28 respectively. The share price has seen a 52-week high of Rs 1149 and a low of Rs 688 on BSE.

Bharti Airtel, on June 21, 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), which will focus on providing telecom facilities to the rural farmer so that they can have access to the vital market information.

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. With the allotment of the above shares the equity base stand increased from present level of 1,897,927,396 to 1,898,020,804 equity shares of Rs 10 each.

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.

Net sales rose 42.06% to Rs 74,137.30 million for the quarter ended March 2008 from Rs 52,187.30 million for the quarter ended March 2007.