Bharti Airtel top pick in telecom space, says Sanjiv Bhasin

Sanjiv Bhasin of IIFL told CNBC-TV18, "We took a contrarian bet and we thought Bharti Airtel was a dark horse closer to Rs 310. The main reason was the subscription to their payments bank, so, their innovation there plus their local network. You must know that 34 percent of Bharti Airtel is owned Singtel and that is a huge behemoth itself. So, don’t undermine the company because we think that could be the fastest off the block, maybe increasing stake or increasing their presence and we are really very excited about Bharti Airtel going forward." "The stock on a three month chart is in a bull market. It is up 20 percent from the low and we have a one year target of Rs 425. So, we think any decline and if you are present is in telecom, you should be in Bharti. It might just have a rear guard action just like you have seen in Reliance Industries, so, our top pick and a dark horse there would be Bharti," he said.Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com