Vodafone Idea fundraise may improve growth, but Axis Capital remains cautious on stock

Gaurav Malhotra, Executive Director-Telecom at Axis Capital says the brokerage retains a Reduce rating with a ₹13 target, even after factoring in tariff hikes and stronger EBITDA. Meanwhile, Bharti Airtel remains its top telecom pick, with a 10-12% tariff hike expected over the next six months.