Bharti Airtel (Bharti) seemed to have ticked all the right boxes, notwithstanding continued challenges on pricing in the industry. We note that Q4FY19 marked a return of Indian wireless growth (on a like-to-like basis) after almost 12 quarters, clearly signifying wireless revenue has finally stabilised. The recent rights issue, Africa stake sale and proposed IPO are likely to provide the interim cash flow support as well as leverage breather, till the industry pricing improves from here. With comfortable leverage levels, relative to peers, post rights issue and Africa monetisation, Airtel...