Tariff hike impact: Airtel soars 5%, hits new high; RIL mcap tops Rs 21 trn

Telecom stock update: Bharti Airtel rallied 5 per cent to hit a new high at Rs 1,539; RIL rose 2% to Rs 3,129, and saw its market capitalisation touch Rs 21.12 trillion in intra-day trades today.

Shares of telecom companies were on a roll and rallied up to 5 per cent on the BSE in Friday’s intra-day trade after a tariff increase by the sector major Reliance Industries (RIL) and Bharti Airtel with-effect-from July 3rd, 2024.

However at 09:30 am; these stocks were trading higher by 1 per cent, erasing part of their intra-day gains on profit-taking. In comparison, the BSE Sensex was up 0.31 per cent at 79,492.

RIL hit a new high of Rs 3,129, up 2 per cent in intra-day trade after Reliance Jio on Thursday announced 12-25 per cent