Telecom stocks are expected to trade range-bound and movement will be stock specific next week, as investors continue to shy away from the sector on account of regulatory hardships and high level of leverage. As per memorandum, the telecom department would commence the auction of 2G spectrum from Nov 12 onwards and reiterated the Cabinet's decision of setting the reserve price for auction 5 MHz of 1,800 MHz bandwidth at 140 bln rupees. Overall, it is hard to see many positives in the spectrum auction guidelines and the only respite would be if the auctions fail altogether, which we don't think is entirely likely.
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