Five telecom stocks rose by 1.29% to 5.08% at 9:42 IST on BSE after the government on Tuesday, 16 July 2013, allowed 100% foreign direct investment in the telecom sector.
Tata Teleservices (Maharashtra) (up 5.08%), MTNL (up 3.27%), Reliance Communications (up 2.64%), Idea Cellular (up 2.57%) and Bharti Airtel (up 1.29%), edged higher.
The S&P BSE Sensex was up 86.78 points, or 0.44% at 19,938.01.
The government on Tuesday, 16 July 2013, liberalised foreign direct investment (FDI) limits in a dozen sectors, including allowing 100% in telecom.
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 will continue to be routed through the Foreign Investment Promotion Board (FIPB) approval.
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