*Total SIM card additions of GSM telcos (ex RCom, Tata Tele) stood at 11.1m in Apr '11 (down 23% mom) vs. 14.5m in Mar '11. Net adds of leading telcos such as Bharti, Vodafone and BSNL were down 25-50% mom, likely owing to lumpy additions in March due to year-end push, seasonal factors or de-activations of inactive subscribers.*
n *Bharti/Vodafone see 25%/35% dip in net adds*. Bharti's monthly net adds have largely been steady in the past year, except 2QFY11 (when subscriber verification/re-verification adversely impacted net adds). Vodafone's net adds have been considerably volatile (ranging over 1.7-3.6m). We believe April data is only a blip (driven by aforementioned factors) rather than indication of increased competition. Response to number portability has been moderate (6.4m porting requests since implementation, <1% of total base); Bharti and Vodafone have been net gainers. But we advise keen monitoring of net adds over the next few months. n *Net adds relatively stable for Idea vs. peers*. Notably, for the first time, Idea's net adds stand higher than Bharti and Vodafone's. However, we believe this is a one-off and expect Idea's net adds to trail behind these telcos going forward. n *Net adds of other telcos. *BSNL's net adds were down ~50% mom; its monthly net adds have, in the past, seen a sharp fall mom in the month of April. Aircel's net adds were down 18%. New telcos witnessed a mixed trend - while Uninor and S Tel recorded increase in net adds, the remaining saw a dip. *Safe Harbor Statement:* *Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.* ** *Nothing in this article is, or should be construed as, investment advice.** * ** * * ** ** -- For Anything related with Stock market be Online at http://www.niftyviews.com/ Get free updates on your mobile phone. Sms "Join TSR " and send to 09223492234 FOR TRIAL STOCK/NIFTY/OPTION CALLS You received this message because you are subscribed to Google Group "STOCKRESEARCHER" group. To post to this group, send an email to [email protected] To unsubscribe email [email protected] for more info visit http://groups.google.com/group/STOCKRESEARCHER?hl=en-GB . This is Not a Spam Mail. Disclaimer :- "The opinions expressed by the members on this board are based on their individual experience and perceptions and to share information with other members with the best of intentions to help fellow members in investment decisions as equity investment is a risky venture."
