Axis Securities' CIO Naveen Kulkarni says the Nigerian currency devaluation losses reported in Bharti Airtel's African business were not unexpected. Kulkarni explains analysts expected a significant impact on the company's transnational effect on African revenues, however, the Rs 200 ARPU number is an encouraging sign. The stock is expected to open slightly higher based on Bharti's results, Kulkarni said, and added the internal details and management commentary must be reviewed.