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BSE Telecom index outperforms ahead of Cabinet meeting; Airtel, Vodafone Idea among top contributor

The Centre has been holding discussions with the telecom companies before it announces a package to support the stressed sector.

September 08, 2021 12:25 IST | India Infoline News Service
The BSE Telecom index gained over 1.1% in the noon trade in an otherwise volatile market. Vindhya Telelinks stock among top gainers to the index, surged 12%, followed by Vodafone Idea climbed 7% and Tejas Network also soared 5%.

BSE Telecom index was trading 1,654.95, up 18 points or 1.1%, after hitting a high of 1,666.52 and a low of 1,645.80 during intraday trade.

As per media reports, the Union Cabinet is likely to discuss today the relief package for the financially stressed telecom sector.

The relief package could include relaxation on payment of pending dues to the government and a 1-year moratorium on spectrum instalment due in April 2022. There is a possibility that some additional measures will also be announced as part of the telecom sector relief package, the media reports added.

The Centre has been holding discussions with the telecom companies before it announces a package to support the stressed sector.

The top contributor to the index gain was Bharti Airtel, Vodafone Idea, Sterlite Technologies, Indus Towers and HFCL.

Optiemus Infracom shares touched upper circuit at Rs253.95 on the BSE, GTL Infra also hit 5% upper circuit at this hour. MTNL zoomed 3.5%, ITI also gained 3.3%, HFCL, Indus Tower, GTPL, Tata Comm was up over 1-1.5% respectively.

Meanwhile, BSE Sensex is currently 58,167 down 112 points or 0.19%, while the Nifty50 is currently 17,330 down 32 points or 0.18%.

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