Telecom stocks rise on 5G spectrum auction

1 Feb 2022 , 12:26 PM

Reliance Industries (RIL), which controls Reliance Jio, is up 1.11% to Rs 2,412.80

Bharti Airtel rose 0.02% to Rs 729.55. Vodafone Idea advanced 2.71% to Rs 10.99.

The finance minister Nirmala Sitharaman said in her budget speech that the spectrum auction for 5G roll out will be conducted in FY23. Telecom companies have already initiated the trials for 5G services in India.

India will among the leading countries globally to offer 5G services, with the country aims to begin offering these services within FY2022-23. To achieve this, India will hold 5G auctions within the next financial year, said finance minister Nirmala Sitharaman on Tuesday, while announcing the Union Budget 2022.

A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the production linked incentive scheme, Sitharaman added.

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