Bharti Airtel, the country's second-largest telecom company, on Thursday, reported record loss of Rs 23,044.9 crore for the second quarter ended September 2019. In the corresponding quarter last year, the company posted a net profit of Rs 119 crore.

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The stock rose as much as 9 percent intraday to Rs 395.45 as brokerages remained positive on the stock despite weak results. while UBS and Citi maintained a 'buy' rating on the stock, Credit Suisse raised its target price for the stock. Meanwhile, Morgan Stanley was 'equal-weight' on the stock.

The company made a provision of Rs 28,450 crore, more than 92 percent of the overall charge for exceptional items, after the Supreme Court ruling. The SC upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.

Airtel CEO, India, and South Asia, Gopal Vittal hoped that the government will take a considerate view on the adjusted gross revenue (AGR) matter given the "fragile state of the industry". "On the AGR verdict of the Supreme Court, we continue to engage with the government and are evaluating various options available to us," he said.

UBS maintained a 'buy' call on the stock with a target at Rs 415 per share. As per the brokerage, excluding one-offs, the company reported a net loss of Rs 1,100 crore. It added that it maintained a "buy" as the company accelerated investments in 4G. It also noted that the company has defended market share solidly, backed by a strong spectrum bank.

Credit Suisse maintained a 'neutral' rating on the stock but raised its target to Rs 380 per share from Rs 370 earlier. Regulatory headwinds to remain an overhang in the near term said the brokerage. Factoring Q2 results, the brokerage changed FY20EPS estimate To Rs 58 From Rs 14, not factoring in AGR dues in the target.

Meanwhile, Citi said that it has maintained a 'buy' rating based on the company's relatively healthier balance sheet. It also sees EBITDA growing at a 15 percent CAGR over FY19-22 as compared at -9 percent in FY16-19.

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