You can’t use standard .bat scripts to automate telnet commands. This can be done via a simple VB Script.
To create a VBScript, simply create a plain text (.txt) file and change extension to .vbs

Following example will connect to a Draytek Vigor router and issue WOL command  to wake up a remote computer.

' Open Telnet and connect to 82.101.68.207
set WshShell = WScript.CreateObject("WScript.Shell")
WshShell.run("telnet.exe 82.91.58.209")
' Wait 500 ms
WScript.Sleep 500
' "Type" Password
WshShell.SendKeys"Password"
' "Press" Enter
WshShell.SendKeys("{Enter}")
' Wait 500 ms
WScript.Sleep 500
' "Type" "wol up 001D097FB6C1"
WshShell.SendKeys"wol up 001D097FB6C1"
' "Press" Enter
WshShell.SendKeys("{Enter}")

On Windows 7 machines, telnet.exe is not automatically installed. You can add it via Turn Windows Features on or off in Control Panel > Programs.