Details of spectrum re-farming and auction key: IIFL

GV Giri, analyst at IIFL Institutional Equities joins CNBC-TV18 to give his perspective and expectations of the new telecom policy to be unveiled by Kapil Sibal today. He says that the data most watched in the policy will be whether the government is looking at re-farming spectrum or will there be fresh auctions. Details on pricing will also play a key role in determining market reaction to the policy, he says.

Below is the edited transcript of the interview. Also watch the accompanying video Q: What you are expecting to hear from this policy from the negative point of view and what do you think could be a shocker for the market?
A: I do not know if it is appropriate to talk about policy in the sense of shocking the markets, but certainly, the three or four big items that people are looking for or will be looking for will be whether there will be any re-farming of 900 megahertz spectrum or whether it will be a market-based pricing for spectrum when license comes up for renewal, or whether there will be fresh auction of 700 mhz spectrum and in what sort of timeframe. Also, the market will look for details of the level of the bits and bytes. We have been seeing a lot of talk in the media and last year