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Telecom shares rally; Idea, RCom up over 5%, Bharti Airtel hits 8-year high

The S&P BSE Telecom index, the largest gainer among sectoral indices, was up 1.6%, hit record high of 1,624 in intra-day trade on Monday.

SI Reporter  |  Mumbai 

telecom, telephone, telephone communication
The move is aimed at adding a new device-level security layer

Shares of services providers rallied with and Reliance Communications up more than 5% each, and at eight-year high on the BSE. MTNL, Tata Communications and Reliance Industries, too, were trading higher in the range of 1% to 3% as compared to 0.2% rise in the S&P BSE Sensex at 11:12 AM.

The S&P BSE index, the largest gainer among sectoral indices, was up 1.6%, hitting record high of 1,624 points in intra-day trade on Monday.

Reliance Jio Infocomm (RJio), a arm of Reliance Industries, has decided to raise effective prices of most 4G tariff plans by 15-20% from October 19.

RJio’s revision of tariffs, which includes a reduction in the validity period, is a positive for the sector and will ease some pressure off the incumbents, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.

According to Financial Express report, the government will soon come out with regulations to allow operators to enter into agreements for sharing of network-related infrastructure or Common Infrastructure (CTI), a move that will not only bring down operational cost of these companies, but also check the menace of call drops.

was up 3% at Rs 490, its highest level since May 2009 on the BSE. In past two weeks, the stock rallied 29% after the company said on October 12 that it will acquire the wireless business of the Tata Group.

Tata Teleservices (Maharashtra) too locked in upper circuit for the seventh straight trading sessions up 5% at Rs 6.47 on the BSE. The stock zoomed 61% from Rs 4.02 on October 11, as compared to 2% rise in the S&P BSE Sensex.

COMPANY LATEST PREV CLOSE GAIN(%)
REL. COMM. 17.85 16.45 8.51
IDEA CELLULAR 98.20 91.10 7.79
TATA TELE. MAH. 6.47 6.17 4.86
BHARTI AIRTEL 488.25 473.85 3.04
TATA COMM 719.55 701.45 2.58
M T N L 20.30 19.90 2.01

 

First Published: Mon, October 23 2017. 11:28 IST
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