* 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
* 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.