Telecom shares gain ahead of Cabinet meeting; Bharti Airtel stock hits all-time high; Vodafone Idea, RCom climb

The BSE Telecom index was trading at 1,736.87 up 49 points or 2.90%, after touching a new high of 1,740.29 and a low of 1,692.98 during the intraday trade.

Sep 15, 2021 12:09 IST India Infoline News Service

Telecom stocks are in focus as the media reports said that the Union Cabinet may today consider a moratorium on payment of spectrum dues by telecom firms as part of a package for the sector. The relief package under consideration includes telecom firms getting an option to convert interest on spectrum dues of the four-year moratorium period into government equity, the media reports added.

Bharti Airtel is set to join an elite group of companies having a market cap of Rs4 trillion. The stock hit a fresh record high of Rs719.60, up 4% on the BSE in intra-day trade on Wednesday.

The BSE Telecom index was trading at 1,736.87 up 49 points or 2.90%, after touching a new high of 1,740.29 and a low of 1,692.98 during the intraday trade.

The top contributor to the index gain was Bharti Airtel which was up over 4% and also top gainers on the index, followed by Vodafone Idea, Indus Tower, Tejas Network, HFCL and GTPL.

Among the top gainer in the telecom index is Optiemus jumped 5%, GTL Infra zoomed 4.58% and Bharti Airtel climbed 4%. Whereas, Tejas Network and RCOM rose 2%.

On the flip side, STL Tech and Tata Comm are in the red zone on the telecom index.

Meanwhile, the Nifty zoomed 91 points at 17,471.40 and the Sensex jumped 342 points at 58,589.54.

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