Bharti Airtel shares saw a significant increase of nearly 6% on November 29, making it the top gainer on the Nifty 50 index. This surge followed an upgrade from ICICI Securities, who changed their rating from 'Add' to 'Buy.' The brokerage emphasized the strong fundamentals of the stock and set a target price of Rs 1,875, indicating a potential upside of 20% from the previous closing price of Rs 1,560.

This year, the stock has experienced a remarkable 62% increase, outperforming the Nifty 50 index, which has risen by 10% during the same period. From March to September, the stock showed positive monthly returns, but it experienced a decline of 6% in October. However, it has rebounded with a 2% gain in November. This recovery in valuation is in stark contrast to the company's derating phase from FY11 to FY20, during which its average EV/EBITDA fell to 7.5x. This decline was attributed to challenges such as the entry of Reliance Jio, costly spectrum renewals, and the expensive Zain Africa acquisition.

At 2 PM, Bharti Airtel's stock was trading over 5% higher at Rs 1,645.