Thursday, 8 March 2018

Market Now: Telecom stocks rise; Bharti Airtel, Idea Cellular among gainers

NEW DELHI: Telecom stocks Tata Teleservices (Maharashtra) (up 2.50 per cent), Tejas Networks (up 1.94 per cent), Bharti AirtelBSE 1.12 % (up 1.93 per cent) and GTL (up 1.87 per cent) climbed up to 2 per cent in morning trade on Thursday, keeping the sectoral index in the green.

The BSE Telecom index was trading 0.65 per cent up at 1,360 around 09:55 am (IST). Shares of Idea CellularBSE 0.50 % (up 0.75 per cent), ITIBSE -1.31 % (up 0.45 per cent) and Tata CommunicationsBSE -0.23 % (up 0.11 per cent) were also trading with gains.

Telecom stocks rose after the central government raised spectrum cap to 35 per cent from 25 per cent for the mobile carriers. Moreover, telecom operators are now allowed to pay for spectrum in 16 instalments instead of 10, Reuters reported. However, Aksh Optifibre (down 4.88 per cent), GTL Infrastructure (down 4.82 per cent), Mahanagar Telephone NigamBSE -1.19 % (down 1.67 per cent), Bharti Infratel (down 1.00 per cent), Vindhya TelelinksBSE -1.40 % (down 0.97 per cent), Reliance CommunicationsBSE -1.19 % (down 0.40 per cent), Himachal Futuristic Communications (down 0.38 per cent) and OnMobile Global (down 0.22 per cent) were trading in the red around that time. Benchmark NSE Nifty50 index was up 24 points at 10,179, while the BSE Sensex was up 100 points at 33,133.

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