India’s telecom sector is entering a multi-year growth cycle driven by strong ARPU expansion, consolidation, and easing capex, says JM Financial’s Dayanand Mittal. Bharti Airtel and Reliance Jio are set to dominate as free cash flows surge. Meanwhile, upstream oil companies like Oil India and ONGC emerge as top picks amid attractive valuations and strong production growth despite soft crude prices.

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