Telecom shares rally, Idea Cellular surges 5%

EGoM decided that the one-time spectrum fee beyond 4.4 MHz would be levy on prospective basis, report

Shares of telecom companies Bharti Airtel, Idea Cellular, Reliance Communications, Tata Teleservices (Maharashtra) have rallied more than 4% each in otherwise weak market on TV channel reports that the empowered group of ministers (EGoM) have recommends that  the one-time spectrum fee beyond 4.4 MHz would be levied on prospective basis.

The group will send all its recommendations to the Cabinet, which is expected to take up the matter on October 16, added report.

Among the individual stocks Idea Cellular and Reliance Communications have rallied 5% each at Rs 85.95 and Rs 64.65 respectively, while Bharti Airtel is up by 4% to Rs 276 on the Bombay Stock Exchange.