Bharti Hexacom

** Shares of India's Bharti Hexacom BHAX.NS jump as much as 2.65% to 1,529 rupees; last up 1%

** Telecom firm's quarterly profit fell ~4.6% y/y to 4.47 billion rupees ($46.7 million); revenue rose ~5.4% y/y

** EBITDA rose 7.7% y/y, with EBITDA margins expanding 113 bps to 54.4% on lower network and operating costs

** Jefferies lifts PT by 180 rupees to 2,060 rupees; sees scope for further EBITDA margin expansion

** Raises FY27-FY28 EPS estimates by 7%; expects revenue and EBITDA CAGR of 14% and 19%, respectively, over FY26-FY29

** YTD, stock down ~16.5%

($1 = 95.6900 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

(([email protected];))

May 13 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• BHARTI HEXACOM LTD - RECOMMENDS FINAL DIVIDEND OF 18 RUPEES PER SHARE

Source text: ID:nBSEbsjHmJ

Further company coverage: BHAX.NS

(([email protected];))

Feb 5 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• BHARTI HEXACOM Q3 PROFIT 4.74 BILLION RUPEES

• BHARTI HEXACOM Q3 REVENUE FROM OPERATIONS 23.6 BILLION RUPEES

• BHARTI HEXACOM: Q3 MOBILE ARPU AT 253 RUPEES

Further company coverage: BHAX.NS

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** Shares of Bharti Hexacom BHAX.NS fall 2.8% to 1,794 rupees

** Telecom co posts 23.4% Y/Y decline in June-qtr profit; rev from ops rises 18.4% Y/Y

** Jefferies reiterates "buy" rating; raises price target to 2,250 rupees from 2,020 rupees, implying 21.8% upside from last close

** Jefferies says BHAX's revenue matched expectations, but its profit fell short due to higher network and other operating costs

** Brokerage expects Bharti Hexacom to deliver 24%/29% CAGR in EBITDA/FCF over FY25–FY28

** BHAX rated "buy" by 10 analysts on average; median target price is 1,784.5 rupees – data compiled by LSEG

** Stock up 23.6% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

** Bharti Hexacom's BHAX.NS shares down 4.1% to 1,801 rupees; set for their worst-day in about 2 months

** Brokerage Motilal Oswal downgrades telco BHAX to "neutral" from "buy", PT unchanged at 1,900 rupees

** Says BHAX deserves to be valued above parent Bharti Airtel BRTI.NS, but a nearly 40% premium is unjustified

** BHAX rallied more than 40% since brokerage initiated coverage in March

** Risk-reward no longer attractive - Motilal Oswal

** BRTI shares trading flat at 1,879 rupees

** Despite the downgrade, brokerage says BHAX's growth prospects better than BRTI, given lower mobile, broadband penetration in its circles

** Avg rating from 10 analysts is "buy"; median PT 1,754.5 rupees - data compiled by LSEG

** Stock up 25% YTD

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of Bharti Hexacom BHAX.NS rise 1.7% to 1,732.90 rupees

** Telecom co's Q4 profit doubles Y/Y to 4.68 billion rupees ($54.8 million), revenue rises 22.5% Y/Y

** Q4 mobile ARPU increased to 242 rupees vs 204 rupees year ago

** BHAX up ~19% YTD

($1 = 85.4400 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

** Bharti Hexacom BHAX.NS climbs 2% to 1,675 rupees
** Telecom firm on Tuesday said co and parent Bharti Airtel will acquire 400 MHz spectrum in 26 GHz band from Adani Data Networks
** Spectrum across six circles including Gujarat, Mumbai and Andhra Pradesh
** Stock rated "buy" on avg; median PT is 1,552 rupees - data compiled by LSEG
** Bharti Airtel BRTI.NS shares down 0.2%
** YTD, BHAX has risen ~12%

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]; ))

April 22 (Reuters) - Indian telecom operator Bharti Airtel BRTI.NS will buy 5G telecom spectrum from a unit of Adani Enterprises ADEL.NS, the company said on Tuesday.

Airtel and its unit Bharti Hexacom BHAX.NS have signed agreements with Adani Data Networks to acquire rights to use 400 MHz of high-frequency spectrum across six circles including Gujarat, Mumbai and Andhra Pradesh.

The companies did not disclose the financial details of the deal.

Airtel is focussed on expanding its 5G network and user base. Its 5G user base stood at about 120 million at the end of December against its total user base of 414 million.

(Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]))

April 9 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• PUTS SALE OF INFRASTRUCTURE BUSINESS TO INDUS TOWERS ON HOLD

• TCIL REQUESTS BHARTI HEXACOM TO START FRESH PROCESS FOR SALE

• TO UNDERTAKE FRESH EXERCISE IN CONSULTATION WITH TCIL

Source text: ID:nNSE86XJRt

Further company coverage: BHAX.NS

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March 26 (Reuters) - India's Bharti Airtel BRTI.NS and its unit Bharti Hexacom BHAX.NS have prepaid 59.85 billion rupees ($698.20 million) to the government, fully clearing liabilities from the 2024 spectrum auctions with interest rates of 8.65%, the telecom company said on Wednesday.

($1 = 85.7200 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)

(([email protected]))

** Bharti Hexacom BHAX.NS jumps 8.7% to 1,424 rupees

** Telecom firm's Q3 profit rises ~23% y/y; rev from ops up ~25% y/y

** Co says tariff hikes, higher customer additions behind strong Q3 earnings

** Stock sees busiest session in seven weeks, with volumes 12.5x the 30-day avg

** Stock rated "buy" on avg; median PT is 1,506 rupees - LSEG

** BHAX up ~89% since listing on April 12, 2024

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Feb 6 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• DEC-QUARTER PROFIT 2.61 BILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 22.51 BILLION RUPEES

Source text: [ID:]

Further company coverage: BHAX.NS

(([email protected];;))

Jan 28 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• GETS TAX ORDER WITH PENALTY OF 2.8 MILLION RUPEES

• GETS TAX ORDER WITH PENALTY OF 1.3 MILLION RUPEES

Source text: ID:nBSEbBz72v

Further company coverage: BHAX.NS

(([email protected];;))

Jan 21 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• GETS TAX ORDER WITH PENALTY OF 17.3 MILLION RUPEES

Source text: ID:nBSE2VJrwR

Further company coverage: BHAX.NS

(([email protected];;))

Updates with Swiggy's target valuation, subscriptions opening next week; Hyundai India's bid response, lacklustre debut

Oct 30 (Reuters) - Companies are rushing to go public in India this year as the stock market booms, with Swiggy's SWIG.NS $1.35 billion initial public offering opening up for subscriptions next week.

About 270 companies have raised over $12.57 billion through IPOs in India so far this year, well above the $7.4 billion raised in all of 2023, LSEG data shows.

These are the country's biggest IPOs of 2024:

* HYUNDAI MOTOR INDIA

Hyundai Motor India's $3.3 billion IPO, the first by a carmaker in India in two decades, received bids totalling $5.5 billion. However, concerns around lofty valuations and an auto industry slowdown led the company to log a lacklustre debut.

* SWIGGY

SoftBank-backed food delivery firm Swiggy is eyeing an $11.3 billion valuation on its $1.35 billion IPO, after cutting it down twice by a combined 25%, citing recent volatility in the Indian equity markets.

* NTPC GREEN

State-run NTPC's NTPC.NS green energy arm filed draft papers for a $1.2 billion IPO in September.

* BAJAJ HOUSING FINANCE

Shares of India's most valuable home loan financier have more than doubled after a blockbuster response to its $782 million IPO in September.

* OLA ELECTRIC

The electric scooter maker's $734-million IPO in August drew investor interest from the likes of Fidelity and Nomura.

* SCHLOSS BANGALORE

Brookfield-backed Leela hotels owner Schloss Bangalore filed for a $599 million IPO in September.

* BHARTI HEXACOM

Telecom operator Bharti Hexacom's BHAX.NS $511-million IPO was launched in April, attracting bids worth more than $8 billion.

* AADHAR HOUSING FINANCE

Mortgage lender Aadhar Housing Finance's AADA.NS IPO in May raised $358 million.

* GO DIGIT GENERAL INSURANCE

Insurer Go Digit GODG.NS launched its share sale in May, raising $312 million.

(Reporting by Hritam Mukherjee, Nandan Mandayam, Dimpal Gulwani in Bengaluru; Editing by Aditya Kalra, Mark Potter and Lincoln Feast.)

(([email protected]; Mobile: +91 9591011727;))

Oct 28 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• SEPT-QUARTER PROFIT 2.53 BILLION RUPEES

• SEPT-QUARTER REVENUE FROM OPERATIONS 20.98 BILLION RUPEES

Source text: ID:nBSE5vDbQ2

Further company coverage: BHAX.NS

(([email protected];;))

Adds latest details on IPOs of Hyundai Motor India, Bajaj Housing Finance, Swiggy, Schloss, NTPC Green; changes media packaging code

Oct 8 (Reuters) - Companies are rushing to go public in India this year as the stock market booms, with Hyundai Motor's 005380.KS Indian unit gearing up to launch the country's biggest initial public offering (IPO) of 2024 so far next week.

About 260 companies have raised over $9 billion through IPOs in India so far this year, more than double the amount raised in the same period last year, LSEG data shows.

These are the country's biggest IPOs of 2024:

* HYUNDAI MOTOR INDIA

Hyundai Motor India's $3 billion IPO, the first by a carmaker in India in two decades, opens for subscription next week. Its Korean parent is selling a 17.5% stake in the offering as the company targets a valuation of about $19 billion.

* SWIGGY

SoftBank-backed food delivery firm Swiggy in September filed papers for an IPO, which a source said could be worth $1.25 billion.

* NTPC GREEN

State-run NTPC's NTPC.NS green energy arm filed draft papers for a $1.2 billion IPO in September.

* BAJAJ HOUSING FINANCE

Shares of India's most valuable home loan financier have more than doubled after a blockbuster response to its $782 million IPO in September.

* OLA ELECTRIC

The electric scooter maker's $734-million IPO in August drew investor interest from the likes of Fidelity and Nomura.

* SCHLOSS BANGALORE

Brookfield-backed Leela hotels owner Schloss Bangalore filed for a $599 million IPO in September.

* BHARTI HEXACOM

Telecom operator Bharti Hexacom's BHAX.NS $511-million IPO was launched in April, attracting bids worth more than $8 billion.

* AADHAR HOUSING FINANCE

Mortgage lender Aadhar Housing Finance's AADA.NS IPO in May raised $358 million.

* GO DIGIT GENERAL INSURANCE

Insurer Go Digit GODG.NS launched its share sale in May, raising $312 million.

(Reporting by Nandan Mandayam, Dimpal Gulwani in Bengaluru; Editing by Aditya Kalra and Mark Potter)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Bharti Hexacom BHAX.NS up 4.2%, set for best day since mid-July

** Citi starts with 'buy', highlighting "robust" balance sheet and superior return ratios vs peers

** Says telecom firm's return on capital employed of 14% is better than parent Bharti Airtel's BRTI.NS 9%

** Sees growth potential given relatively low penetration in Rajasthan and northeast states, the largely rural regions it serves

** Notes BHAX's market-leading 53% share in northeast and a 40% market share in Rajasthan vs market-leader Jio's 46%

** Sets TP of 1,405 rupees vs current price of 1,224 rupees

** Analysts avg rating on BHAX is "buy"; median TP is 1,247.50 rupees

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Bharti Hexacom BHAX.NS rise as much as 4.2% to 1,175 rupees apiece; last up 2%

** Macquarie Equity Research initiates coverage of the stock with an "outperform" rating and a price target of 1,480 rupees, an implied upside of 31.5%

** Macquarie also upgrades parent Bharti Airtel BRTI.NS to "outperform" from "neutral", citing improvement in earnings from recent tariff hikes; BRTI shares up 0.7% on the day

** Macquarie terms the telecom company BHAX a "bite-sized Bharti Airtel", adding that BHAX will tread similar growth and return metrics to parent Bharti Airtel BRTI.NS

** Expects further improvement in average revenue per user (ARPU) and drop in net debt to operating profit for BHAX over fiscal years 2024-2027

** Shares of BRTI up 44% in 2024 so far, compared with 12% rise in benchmark Nifty 50 index .NSEI

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Aug 5 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• BHARTI HEXACOM LTD JUNE-QUARTER PROFIT 5.11 BILLION RUPEES

• BHARTI HEXACOM LTD JUNE-QUARTER REVENUE FROM OPERATIONS 19.11 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: BHAX.NS

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BENGALURU, July 29 (Reuters) - Here are some details of this year's biggest initial public offerings (IPOs) in India, where stock markets are booming and Ola Electric, the country's biggest e-scooter maker, will launch its highly anticipated IPO on Thursday.

More than 150 companies have raised nearly $5 billion through IPOs between January and July, nearly double the amount raised in the same period last year, LSEG data shows.

These are the country's biggest IPOs of 2024:

* OLA ELECTRIC

The electric scooter maker's $734-million IPO will be the biggest so far this year. The company's IPO has drawn investor interest from the likes of Fidelity and Nomura.

* BHARTI HEXACOM

Telecom operator Bharti Hexacom's BHAX.NS $511-million IPO was launched in April, attracting bids worth more than $8 billion.

* AADHAR HOUSING FINANCE

Mortgage lender Aadhar Housing Finance's AADA.NS IPO in May raised $358 million.

* GO DIGIT GENERAL INSURANCE

Insurer Go Digit GODG.NS launched its share sale in May, raising $312 million.

* BHARAT HIGHWAYS INVIT

An IPO by infrastructure investment trust Bharat Highways InvIT BHAW.NS in February raised about $300 million.

* EMCURE PHARMACEUTICALS

Bain-backed drugmaker Emcure EMCU.NS, which focuses on areas such as gynaecology and HIV treatments, launched its $234 million IPO earlier this month.

* INDEGENE

Indegene INEG.NS, which provides digital services to the biopharma industry, launched its IPO in May, raising $220 million.

* HYUNDAI MOTOR INDIA (upcoming)

Hyundai Motor's 005380.KS Indian business has filed draft papers for what could be the country's biggest-ever issue of shares later this year, with plans to raise roughly $3 billion.

(Reporting by Nandan Mandayam in Bengaluru;
Editing by Aditya Kalra and Helen Popper)

(([email protected]; Mobile: +91 9591011727;))

** Shares of telecom firm Bharti Hexacom BHAX.NS up 5.3% at 1,121.05 rupees

** JP Morgan initiates coverage with "overweight" rating and PT of 1,280 rupees - the second-highest on the stock as per LSEG

** Hexacom's presence in underpenetrated regions like Rajastan and North East to provide tailwinds from subscriber growth and ARPU expansion - JPM

** Terms BHAX "best player" in Indian telecom space, making it the second global brokerage to hold this view after Investec

** Tariff hikes and reduction in capex to help cut net debt-to-EBITDA ratio to 0.5x in FY27 from 2.3x, adds JPM

** Six brokerages rate stock the equivalent of 'buy' or higher and one 'hold' as per LSEG; the median PT is 1,230 rupees

** Stock up ~41% since listing on April 12

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Bharti Hexacom BHAX.NS rise as much as 3.82% to 1087.60 rupees

** Stock on course to snap four-session losing streak if gains hold

** Investec initiates coverage of stock with "buy" recommendation and target price of 1,274 rupees, a 21% premium to last close

** Telecom firm BHAX operates in seven Indian states under parent Bharti Airtel BRTI.NS

** BHAX better choice in Indian telecom sector compared with parent Bharti Airtel, which we view as an amalgamation of multiple businesses with different growth characteristics - Investec

** Adds "tariff hikes will likely be an annual affair going forward and BHAX proves a higher indexation to India mobile business"

** Also terms co the "least leveraged" with debt to EBITDA ratio at 1.4x vs about 2x for peers

** Investec also sees total return of ~16% over 12-months for BHAX

** Investec retains "hold" on Bharti Airtel, but raises target price to 1,560 rupees from 971 rupees

** BRTI up 0.2% on the day - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Bharti Airtel's BRTI.NS unit Bharti Hexacom shares BHAX.NS down 5%

** Brokerage Jefferies said they downgraded rating on Bharti Hexacom to "Hold" from "Buy", as the telecom operator's higher valuations limits upside

** BHAX shares more than doubled since IPO in April

** While BHAX's stronger growth, higher ROCE, better FCF conversion compared to BRTI warrant a premium, its higher revenue concentration, related-party transactions should keep its valuation premium in check - Jefferies

** Cuts earnings estimates of BHAX by 4% over FY24-27 to factor in unexpected spectrum purchases worth $120 million, but raises PT to 1,290 rupees - Jefferies

** Selective bidding by telcos in auctions suggest operators want to monetize existing investments before going for fresh capex - Jefferies

** Remains positive on sector as tariff hikes, other factors, would support ARPU growth in near term - Centrum

** Shares in Bharti Airtel and Vodafone Idea VODA.NS both trading flat

($1 = 83.4390 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

NEW DELHI, June 26 (Reuters) - India has sold airwaves worth 113.4 billion rupees ($1.36 billion) in a telecom spectrum auction that ended on Wednesday, a government source told reporters.

Bharti Airtel BRTI.NS, India's no.2 telecom operator by subscribers, has spent 68.57 billion rupees to acquire spectrum at the auction in the world's second-largest smartphone market, the company said earlier in the day.

($1 = 83.5635 Indian rupees)

(Reporting by Nikunj Ohri in New Delhi; Editing by Sohini Goswami)

(([email protected];))

** Shares of Bharti Hexacom BHAX.NS rose as much as 5.9%; last up 0.8% to 906.6 rupees

** Telecom operator's March-quarter profit rose 10.4% YoY

** Jefferies, which initiated on BHAX stock with "buy" a month ago, maintained the rating and increased PT to 1,200 rupees from 1,080 rupees after results

** BHAX debuted on April 12; it is up 59% from IPO price of 570 rupees

** Parent Bharti Airtel BRTI.NS shares flat after it posted Q4 rev miss on Wednesday

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

May 14 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• BHARTI HEXACOM LTD - DIVIDEND OF 4 RUPEES PER SHARE

• BHARTI HEXACOM LTD MARCH-QUARTER PROFIT 2.23 BILLION RUPEES VERSUS 2.02 BILLION RUPEES

• BHARTI HEXACOM LTD MARCH-QUARTER REVENUE FROM OPERATIONS 18.68 BILLION RUPEES VERSUS 17.33 BILLION RUPEES

• BHARTI HEXACOM LTD - MOBILE ARPU INCREASED TO 204 RUPEES IN Q4’24 VERSUS 189 RUPEES IN Q4’23

Source text for Eikon: [ID:]

Further company coverage: BHAX.NS

(([email protected];))

Adds analyst comment in paragraphs 5-6

By Rama Venkat

BENGALURU, April 12 (Reuters) - Bharti Hexacom's shares BHAX.NS surged 54.4% in their trading debut on Friday, beating analysts' expectations and valuing the Indian telecom operator at 440 billion rupees ($5.28 billion).

The stock opened at 755 rupees, subsequently climbing to 880 rupees. Analysts had expected the stock to list at a 10%-15% premium on its initial public offering price of 570 rupees.

So far in 2024, 64 Indian companies have gone public, raising $2.31 billion cumulatively, compared with 42 companies that $170.6 million in the same period last year, according to LSEG data.

Seventeen of the 64 companies that went public did so on the main stock exchange. Among them, Hexacom's trading pop was the second biggest so far this year. Indian EV charger maker Exicom Tele-Systems' EXIC.NS 93.3% surge on its trading debut in March was the biggest this year.

"The listing is beyond expectations and the movement thereafter even more surprising," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.

"While Hexacom's IPO price was at a discount compared to what Airtel trades at, after the rise on the debut day, the companies seem to be at a similar valuation based on earnings, said Kejriwal. "One would wonder whether it makes sense to buy Hexacom or Airtel."

Billionaire Sunil Mittal-led Bharti Airtel BRTI.NS, India's No.2 telecom operator by subscribers, owns 70% of Bharti Hexacom. Bharti Airtel shares fell 0.4% at 1,224.55 rupees.

While the parent company operates across India, Bharti Hexacom offers mobile, broadband and fixed-line telephone services under the "Airtel" brand in the northwestern state of Rajasthan and some parts of northeastern India.

The 42.75-billion rupee IPO, the country's largest public issue in a year, was oversubscribed 29.88 times last week.

The Tata Group's Tata Technologies TATE.NS and JSW Group's JSW Infrastructure JSWN.NS also had strong debuts late last year, surging 180% and 32.2%, respectively.

($1 = 83.3750 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

By Rama Venkat

BENGALURU, April 5 (Reuters) - Indian telecom operator Bharti Hexacom received bids worth 702.51 billion rupees ($8.43 billion) in its initial public offering, outpacing its offer size of 42.75 billion rupees, exchange data showed on Friday.

Investors bid for 1.23 billion shares at a price range of 542 to 570 rupees per share, which was 29.88 times more than the 41.2 million shares offered, data from the National Stock Exchange of India showed.

"Looking at the demand for the IPO, expecting Hexacom to list at a 15% premium is not expecting too much," Arun Kejriwal, founder of Kejriwal Research and Investment Services, told Reuters.

The company, 70% owned by India's No. 2 telecom operator Bharti Airtel BRTI.NS, is set for its market debut on April 12.

India has seen 64 companies raise $2.31 billion cumulatively through IPOs so far in 2024, compared with $170.6 million from 42 offerings in the same period last year, according to LSEG data.

Bankers expect the momentum to persist amid rapid economic growth and expectations of political stability as the general elections start later this month.

Government-owned entity Telecommunications Consultants India offered to sell 75 million shares, representing half of its 30% stake in Bharti Hexacom. It did not issue fresh shares in the IPO.

Bharti Hexacom offers consumer mobile services, fixed-line telephone and broadband services under the brand "Airtel" in the northwestern state of Rajasthan and some parts of northeastern India.

($1 = 83.2980 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Varun H K and Shilpi Majumdar)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))