Bharti Airtel market performer, target of Rs 315: Karvy

Karvy Stock Broking has come out with a research report on Bharti Airtel. The research firm has upgraded the stock from under performer to market performer owing to the recent fall in the stock price and believes investors can start accumulating at current levels.

The report says, "Bharti Airtel offers USD 10.7 billion for African operations of Zain Telecom, in exclusive talks with Zain until March 25, 2010; a key strategic move that gives Bharti a strong presence in the high potential African telecom

market."

"The estimated size of the deal, if it goes through is around USD 10.7 bn enterprise value (EV). This values Zain International at an EV/EBITDA of 9.2x annualised 9MCY09 EBITDA, which is higher than Bharti's valuations of 7x FY10E EBITDA. On an EV/subscriber basis, Zain is valued at nearly double Bharti's current subscriber base at US$ 255. Thus, it is apparent that Bharti is paying a premium for the African assets of Zain," according to Karvy report.

Advani blames Nehru for Kashmir and China policy

Advani blames Nehru for Kashmir and China policy

NEW DELHI, Feb 15: Veteran Bharatiya Janata Party (BJP) leader LK Advani has blamed the foreign policy of India’s first Prime Minister Jawaharlal Nehru for the “festering sores” of terrorism and Kashmir.

“His (Nehru’s) mishandling of Pakistan has left terrorism and Kashmir as two festering sores for our body politic right up to this day,” Advani, the chairman of BJP’s Parliamentary Board, wrote in his blog on Monday.

“The Congress has always projected Pandit Nehru as an exemplary helmsman of India’s foreign policy. (But) the founder of our political movement, Syama Prasad Mookerji, on the other hand, regarded Panditji’s handling of Pakistan, as well as China, as two egregious blunders of his,” wrote Advani quoting extensively from Fareed Zakaria’s The Post American World.

The remarks come a day after the BJP asked the Congress-led government to call off its proposed talks with Pakistan in the wake of the Pune bombing on Saturday that killed nine people.