Indias telecom sector enters multi-year growth cycle; upstream oil stocks back in favour: JM Financial

Indias telecom sector is entering a multi-year growth cycle driven by strong ARPU expansion, consolidation, and easing capex, says JM Financials Dayanand Mittal. Bharti Airtel and Reliance Jio are set to dominate as free cash flows surge. Meanwhile, upstream oil companies like Oil India and ONGC emerge as top picks amid attractive valuations and strong production growth despite soft crude prices.