MARKET EYE-BoA-Merrill raises India's Bharti, Idea to 'buy'

Fri Nov 16, 2012 12:12pm IST

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* Bank of America-Merrill Lynch upgraded Bharti Airtel 
and Idea Cellular to 'buy' from 'neutral' citing the
positive outcome of the 2G auction this week. 
* BoA-Merrill said the "deep" under-performance in both stocks
over the past 12 months, potential for more favourable policy
decisions in areas such as spectrum pricing, and prospect of
"strong" fiscal 2014-15 earnings growth would drive Bharti and
Idea.
* An auction of 2G airwaves attracted less demand than targeted
by the government, leading to lower prices that are 
giving a respite to the debt-ridden industry. 
* Bharti gains 3.5 percent, heading towards its fourth day of
gains. Idea is up 1.5 percent, gaining for a second day. 

 (abhishek.vishnoi@thomsonreuters.com)
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