Bharti Airtel may test Rs 415: Rohit Chordia

Rohit Chordia, Associate Director at Kotak Institutional Equities told CNBC-TV18, "I like Bharti Airtel and Idea Cellular. My target price on Bharti Airtel is Rs 415. There were two objectives going into these auctions, one was to be able to renew 900 MHz renewal circles and my sense is we will not know the player wise results yet; those have not been published. However, my sense is Bharti, Vodafone and Idea have been able to renew at least 5 MHz in all of their 900 renewal circle."

"Objective one is met, of course they had to pay a price for it but this was not an auction you could have come out a winner out of. The idea was to meet your objective in terms of renewal and expanding data footprint in terms of spectrum while minimizing your damages. I think the incumbents have done a reasonable job there," he said.