Telecom shares gain as Cabinet clears spectrum trading norms

Reliance Comm surged 12% to Rs 63, followed by Idea Cellular up 3% to Rs 150 and Bharti Airtel up 2.44% at Rs 355.

Shares of telecom services provider zoomed up to 13% in late noon deal on reports that the Cabinet approved spectrum trading guidelines, which will allow telecom companies to buy and sell radio waves from each other.

Reliance Communications has surged 12% to Rs 63 on the BSE. Idea Cellular gained 3% to Rs 150, while Bharti Airtel up 2.44% at Rs 355. The S&P BSE Sensex up 1.8% at 25,786 points at 01:31 PM.

The spectrum trading will allow telecom companies to trade unused spectrum with other operators, without waiting for the next round of spectrum auction.