Buy Idea Cellular, target of Rs 112

Buy Idea Cellular with a 12 month target of Rs 112. "Idea Cellular is yet to receive the USD 640 million investment from the private-equity deal done in May this year, and the rupee?s depreciation against the USD will result in a gain exceeding Rs 2 billion for Idea. In FY08, Idea managed its FX exposure better than peers. Idea also sported the best asset turnover, highest depreciation rates and the highest ROE among the big carriers. It raised its market share in FY08 from 8.4% to 9.2% in terms of share of wireless subscribers.".NS