>Bharti Airtel(ANAGRAM)

At CMP of Rs690, the stock is trading at 20 x its Q2FY09 annualized EPS of Rs34. We think that Bharti is well placed to capitalize on the opportunities offered by telecom sector going forward. However, with new players entering sector, competition will be intense & margins will come under pressure. Bharti has a strong balance sheet as compare to its peers – Low leverage and all its capex plans is adequately funded. We have a “Neutral” rating on the stock.

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