Idea Cellular's upside momentum to stay for next quarter: Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi, VP-Institution, Angel Broking shares his views on Idea Cellular.

ET Now: Did you like Idea's performance after market hours? Is there further upside in the stock after the last two trading sessions?

Mayuresh Joshi: There is substantial improvement in Idea's margins at 31.8%. It was a tad lower than what was expected, but it was better than what the street was actually coming up with. Their PAT numbers at Rs 463 crore were much better than what the entire street was expecting at this point of time. As far as the overall dynamics is concerned, the competitive intensity because of license cancellations has definitely worked out in favour of the bigger players.

Bharti and Idea has posted a good set of numbers. If you leave aside the regulatory overhang in terms of excess spectrum charge, we believe there is plenty of value within Idea stock. We see upside onto the stock. The stock can open substantial higher from yesterday's closing. The momentum can stay for the next quarter or so.