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Telecom stocks ring loud after announcing tariff hike

Capital Market 

Shares of three telecom companies advanced 3.49% to 21.23% after they announced plans to raise telecom tariffs.

Vodafone Idea (up 21.23%), Bharti Airtel (up 9.05%) and Reliance Industries (up 3.49%) gained.

Meanwhile, the S&P BSE Sensex was up 102.89 points or 0.25% to 40,896.70. The S&P BSE Telecom index, was up 0.21% to 40,878.83.

Bharti Airtel said its revised tariff plans for its mobile customers will be applicable from 3 December 2019. New plans, represent tariff increases in the range of a mere 50 paise/day to Rs. 2.85/day and offer generous data and calling benefits, Bharti Airtel said.

Meanwhile, Bharti Airtel said the meeting of the Board of Directors of the Company is scheduled to be held on 4 December 2019 to consider and evaluate any and all proposals for raising of funds either by issuance of equity shares, and or bonds including foreign currency convertible bonds / debentures / non-convertible debt instruments along with warrants / convertible debentures / securities and / or any other equity based instruments / securities including through qualified institutions placement or rights issue, or through any other permissible mode or any combination thereof of any of the above.

Vodafone Idea announced new tariffs/plans for its prepaid products and services. New plans will be available across India starting 3 December 2019.

Reliance Industries (RIL) said Jio will be introducing New All-in-One plans with unlimited voice and data. These plans will have a fair usage policy for calls to other mobile networks. The new plans will be effective from 6 December 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 09:21 IST