What did you make of Bharti’s numbers? Do you think the earnings have done enough for the stock to move up further? It tells you how one year of lockdown or eight months make a difference and data is the new gold. All these guys have been crying foul about spectrum charges. But look at the ARPU! They are riding their way to the bank. Bharti has an ARPU of 166. Jio reported one of over 155. Even Vodafone surprised on the upside. It is telling me that those prices have inched up quietly. So aside from the complaint and the uneasiness on the debt side, they are riding the way and there are just three players and there is still room on the upside. But I would say a large part of that has already been built in the prices. We have to see how prices play out more from now and how the 5G spectrum may play. But clearly, Bharti has been an outperformer all the way from that Rs 415-420 level where there was too much pessimism and when they raised capital and they had a Qualified Institutional Placement (QIP). We have a neutral weight at this price. We are more overweight on Jio now because we think the traditional play of Jio selling at Rs 2,200 and buying Bharti at Rs 450 works very well for us.