The share price of Bharti Airtel rose 5 percent on Friday after MSCI Global Standard Indexes said it will raise the weightage of the telco in the February 2021 quarterly review.

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Earlier this week, the company had announced that it has received required regulatory approvals for 100 percent foreign direct investment (FDI) in its downstream companies. The company said it is initiating the process to revise its foreign investment limit to 100 percent, with immediate effect.

“The proforma FOL and upward movement of the adjustment factor due to the foreign room will be implemented as part of the upcoming February 2021 Quarterly Index Review (QIR). The proforma Foreign Inclusion factor (FIF) will be announced along with the scheduled February 2021 QIR announcement, on February 9, 2021. All changes will be implemented as of the close of February 26, 2021 (effective March 1, 2021),” the firm said in a press release.

The stock rose as much as 5.1 percent to its day's high of Rs 610 per share on BSE.

Brokerage houses are also bullish on the stock after this development. Goldman Sachs has a 'buy' call on the stock with a target at Rs 645 per share.

It expects the company to report a 30 percent year-on-year mobile revenue growth in the third quarter while being surprised by the recent operating outperformance of Bharti relative to Jio. It is more constructive on the company and has raised India wireless estimates.

Meanwhile, Morgan Stanley said that the confirmation removes uncertainty about the timing of a possible weight revision. It is 'overweight' on the stock with the target at Rs 680.