JM Financial expects telecom companies to post modest sequential growth in average revenue per user (ARPU) and revenue in the September quarter, depsite the ongoing subscriber upgrades and an extra day in the quarter. Ahead of the quarterly earnings, the domestic brokerage retained its 'Buy' rating on Bharti Airtel (target price: Rs 2,240), Bharti Hexacom (target price: Rs 2,000), and Tata Communications (target price: Rs 2,000). Advertisement

JM Financial maintained its positive view on Reliance Jio due to an expected 13 per cent CAGR in wireless ARPU over the next 3–5 years, supported by tariff hikes, premiumisation, and 5G adoption. Vodafone Idea’s rating has been upgraded to 'Add' from 'Hold', with a target of Rs 9.50, reflecting potential AGR relief. Indus Towers is downgraded to 'R

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