We attended the Analyst Day of Bharti Infratel wherein the management apprised on the Indus merger update and its aspirational growth path ahead. They maintained that merger with Indus is on track (currently awaiting NCLT approvals) and is expected to be complete by June, 2019. As a targeted area for future growth, the company has identified small cells, in-building solutions, fibre sharing, Wi-Fi, smart cities and managed services. Management also envisages these new services contributing at least a third of overall revenues, in the next five years. We note that amid...