Shares of five telecom companies rose by 0.22% to 1.73% at 10:21 IST on BSE after Manoj Sinha took over as new Minister of Communications with independent charge.
Reliance Communications (up 1.73%), Bharti Airtel (up 1.07%), Tata Teleservices (Maharashtra) (up 0.83%), Idea Cellular (up 0.62%) and MTNL (up 0.22%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 1.61%
The S&P BSE Sensex was up 54.02 points, or 0.20% at 27,220.89.
The Narendra Modi government at the centre appointed Manoj Sinha as new Minister of Communications with independent charge in place of Ravi Shankar Prasad after splitting the Communications and Electronics & Information Technology ministry. Prasad continues to remain the minister of Electronics & Information Technology. After inducting 19 new Ministers of State, the Modi government on Tuesday, 5 July 2016, also announced a reshuffle of portfolios among the members of the Union Council of Ministers in a late night surprise announcement.
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