Cabinet approves one time spectrum fee; telecom stocks up

Posted By:
Subscribe to GoodReturns

Cabinet approves one time spectrum fee; telecom stocks up
Bharti Airtel: Quotes, News
BSE 362.95BSE Quote12.7 (3.50%)
NSE 362.85NSE Quote12.5 (3.44%)
Idea Cellular: Quotes, News
BSE 108.30BSE Quote0.4 (0.37%)
NSE 108.35NSE Quote0.1 (0.09%)
The Union Cabinet has approved the recent decision by an inter-ministerial panel to impose a one-time spectrum charge on all mobile phone companies. The approval is likely to fetch the government a sum in excess of Rs 30,0000 crores, though it would have to folk amounts for government owned entities including BSNL and MTNL.

The Empowered Group of Ministers (EGoM) had recently decided to impose a one-time spectrum charge on all existing operators.

According to news reports the Cabinet has also approved the EGoM's recommendation of levying a surcharge on operators with more than 6.2 MHz as per 2001-indexed price (Rs 1,658 crore) for four years beginning 2008.

Shares of telecom operators were trading higher following the news and despite weak market sentiments. Idea Cellular was up 1.59%, Bharti Airtel gained, while Reliance Communications was trading higher by 0.43%.

GoodReturns.in

Read more about: spectrum fee
Story first published: Thursday, November 8, 2012, 12:49 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'