>Bharti Airtel (INDIA INFOLINE)

■ Revenues increase 6.1% qoq in-line with estimate driven by 9.7% rise in subscriber base.

■ MOU falls 4% qoq on fewer number of days in the quarter and free minutes offered by RCOM in its GSM launch.

■ PAT growth better than expected on lower interest expense; Maiden dividend of 20% signals tapering off in capex cycle, lower phase of growth.

■ Notwithstanding wireless leadership and superior return ratios, we downgrade the stock to Market Performer with a revised price target of Rs776.

To see full report: BHARTI AIRTEL