📡 HSBC on Telecom Sector
🔹 BHARTIARTL – Maintain Buy | 🎯 TP: ₹2,200
🔹 RIL (Jio) – Maintain Buy | 🎯 TP: ₹1,750 (↑ from ₹1,630)
🔹 IDEA – Maintain Reduce | 🎯 TP: ₹5.8 (↓ from ₹5.9)
📈 Sector Insights:
ARPU to rise – major tariff hike expected in 2026.
Capex intensity to decline – opening space for deleveraging & higher dividends.
Growth drivers intact for Airtel & Jio 🚀
Telecom continues to be a long-term play with pricing power and growth visibility.
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