Reuters Market Eye - BNP Paribas upgraded Bharti Airtel Ltd (BRTI.NS) to "buy" from "hold", it said in a note on Thursday.
Bharti is well positioned to benefit from an improving outlook for the sector, including a consolidating industry, the return of pricing power, and an expected "strong" pick up in wireless data use, says BNP.
BNP also retains its "buy" rating on Idea Cellular Ltd (IDEA.NS), calling the stock its "top pick" in the sector as the company is a "pure play" GSM mobile operator.
However, BNP cut Reliance Communications Ltd (RLCM.NS) to "reduce" from "hold" after noting shares had rallied 33.5 percent in the past three months.
Reliance Communications would have to pay for excess spectrum while suffering from "high" debt and lagging operating performance, BNP adds.
Bharti Airtel shares are down 0.8 percent as of 11:50 a.m. Idea is up 0.1 percent, while Reliance Communications is flat.
(Reporting by Devidutta Tripathy and Manoj Dharra)
Trending On Reuters
Reliance Industries plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows. Full Article
Exclusive: Greece scrapes bottom of barrel in hunt for cash to stay afloat. Full Article