BSE Telecom index gains 5%; Vodafone Idea surges 32%

The government has received about Rs26,000cr in AGR payments so far, the media reports added.

Mar 13, 2020 06:03 IST India Infoline News Service

The BSE Telecom index surged 5% or 51 points at 1,117.16 levels. The index gained after the media reports said that the government may come out with a relief package for the telecom sector. The government has received about Rs26,000cr in AGR payments so far, the media reports added.

Reacting to this news, Vodafone Idea rallied 32%, followed by Bharti Infratel climbed 5% and Bharti Airtel also rose 3% in the telecom index.

The government on March 4, citing a Supreme Court order, asked Bharti Airtel, Vodafone Idea and other telcos to pay the remaining amount without a delay.

Meanwhile, the Sensex rallied 354 points at 33,133 and the Nifty rose 91 points at 9,681 levels.

Stock view:
Vodafone Idea Ltd is currently trading at Rs5.54, up by Rs1.34 or 31.9% from its previous closing of Rs4.20 on the BSE.

Bharti Infratel Ltd is currently trading at Rs234.90, up by Rs13.7 or 6.19% from its previous closing of Rs221.20 on the BSE.

Bharti Airtel Ltd is currently trading at Rs484.05, up by Rs19.1 or 4.11% from its previous closing of Rs464.95 on the BSE.

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