Bharti Airtel Joins Morgan Stanley Focus Lists, Bajaj Finance Exits

• Morgan Stanley adds Bharti Airtel to its Asia-Pacific excluding Japan and Global Emerging Markets Focus Lists.
• Bharti Airtel replaces Bajaj Finance on the prestigious lists.
• Brokerage cites strong execution, robust free cash flow, and continued telecom industry repair phase for Airtel's inclusion.
• Morgan Stanley projects mid-single digit ARPU growth and high-single to low-double digit EBITDA growth for mobile wireless business.
• Expects premium multiples to sustain for Airtel as return ratios for core business approach 20% by FY28.