India’s telecom sector enters multi-year growth cycle; upstream oil stocks back in favour: JM Financial

India’s telecom industry is finally shifting from years of financial stress to a multi-year phase of profitability, rising ARPUs and large free-cash-flow generation, says Dayanand Mittal, Research Analyst at JM Financial. Speaking to ET Now, Mittal highlighted strong structural support for both telecom and upstream oil companies, while cautioning against high-valued oil marketing companies.