The Indian telcom auctions are over, but there is no official release from the DoT yet on this. We also do not have details of the final winners and spectrum allocations yet. But as of last night, the total raising was at around USD18 billion, or 35% higher than the reserve price, and 70% of the total was from the sale of 900MHz.

Commenting on the same Nomura research, said, ''Regardless, earnings for both Bharti and IDEA face pressure in the next one or two years, we think. The stocks have (in the past two weeks) re-rated and may still see further upside on the hope and scope of improvement.

That said, as seen in the past and with many other regional telcos, until there is earnings support and visibility, the re-rating may not last. We maintain Reduce on both stocks, which is not only based on the impact of these auctions, but also the potential impact from the R-Jio launch.''

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