Moreover, Deutsche Bank has given a buy on July 4, 2016 on Idea Cellular, with a target price of Rs.137. The report says: Idea expects the data market to be driven by subscriber growth rather than ARPU (average revenue per user), similar to the trajectory of the voice market. There is space for Reliance Jio without affecting the revenue shares of the incumbents if sector growth remains at the current level of 8-9%. Idea expects significant availability of spectrum in the 1800Mhz band in the medium term and intends to buy spectrum largely on a ‘just-in-time’ basis.
Now I feel the rally will be more broad based, as the passage of the GST bill, is almost certain in this monsoon session. Or in other words, the rally in the large caps, will be accompanied by SHARP RALLIES in the SMALL and MID CAP space.