Telecom shares give thumbs-up to TRAI recommendations; Bharti Airtel gains over 5%

Telecom shares give thumbs-up to TRAI recommendations
Shares of telecom stocks saw decent rally in early trade on Bombay Stock Exchange (BSE), led by country's leading mobile operator Bharti Airtel, after the Telecom Regulatory Authority of India (TRAI) proposed a 37 per cent reduction in base price for upcoming mobile phone spectrum auction.

The lowering of base price of spectrum is being seen as a precautionary measure after the government failed to attract many buyers in the previous two auctions. Shares of Bharti Airtel gained as much as 5.35 per cent to trade at Rs 330.35 a piece on the BSE.

Bucking the trend, shares of Idea Cellular rallied 5 per cent to Rs 166 a piece, while RCom was up nearly 3 per cent at Rs 144 on BSE. Meanwhile, the broader benchmark Sensex was quoting at 19,817.87, up 547.81 points or 2.84 per cent at 11:20 hours.

Dion Global Solutions Ltd.

Story first published: Tuesday, September 10, 2013, 12:42 [IST]
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