Shares of telecom services providers are in focus after the government has hiked foreign direct investment (FDI) cap in the sector 100%, which likely to attract more stable foreign capital in the economy.
Idea Cellular, Bharti Airtel, Reliance Communications, MTNL and Tata Teleservices (Maharashtra) or TTML are trading higher by 1-7% on the Bombay Stock Exchange (BSE).
In basic and cellular services, FDI was raised to 100% from current 74%. Of this, up to 49% will be allowed under automatic route and the remaining through Foreign Investment Promotion Board (FIPB) approval.
Meanwhile, GSM operators added 3.57 million subscribers in June, with incumbents adding more subscribers than newer players during the month. This is a 0.54% increase from the previous month as the total subscriber base rose to 671.13 million as of June 30, according to the data compiled by GSM operators’ body Cellular Operators’ Association of India (COAI).
Among the individual stocks, Idea Cellular has rallied 4.4% to Rs 164, also its record high on BSE. TTML has surged nearly 7% to Rs 7.55, followed by MTNL (up 4% at Rs 17.15), Reliance Communications (up 3.4% at Rs 151) and Bharti Airtel (up 2% at Rs 328).
Idea Cellular, Bharti Airtel, Reliance Communications, MTNL and Tata Teleservices (Maharashtra) or TTML are trading higher by 1-7% on the Bombay Stock Exchange (BSE).
In basic and cellular services, FDI was raised to 100% from current 74%. Of this, up to 49% will be allowed under automatic route and the remaining through Foreign Investment Promotion Board (FIPB) approval.
Meanwhile, GSM operators added 3.57 million subscribers in June, with incumbents adding more subscribers than newer players during the month. This is a 0.54% increase from the previous month as the total subscriber base rose to 671.13 million as of June 30, according to the data compiled by GSM operators’ body Cellular Operators’ Association of India (COAI).
Among the individual stocks, Idea Cellular has rallied 4.4% to Rs 164, also its record high on BSE. TTML has surged nearly 7% to Rs 7.55, followed by MTNL (up 4% at Rs 17.15), Reliance Communications (up 3.4% at Rs 151) and Bharti Airtel (up 2% at Rs 328).
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