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Telecom shares surge on tariff hike

India Today logo India Today 3 days ago Mail Today Bureau

New tariff plans announced by telecom firms sent their shares rising on Monday with the Vodafone Idea scrip closing on a 14 per cent high, while Bharti Airtel rose 3.67 per cent on the Bombay Stock Exchange.

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Shares of Vodafone Idea closed at Rs 7.79 apiece, on the BSE. During the day, the stock hit a high of Rs 8.49, a jump of over 24 per cent. The stock rose 13.87 per cent to Rs 7.80 on the NSE. Intra-day, the stock price varied between Rs 7.50 to Rs 8.80, zooming over 28 per cent.

Over 146 crore shares of Vodafone Idea were traded on the NSE and more than 11 crore on the BSE. Bharti Airtel settled at Rs 458.55 on the BSE. The stock gained 9.82 per cent in early trade to hit 52-week high at Rs 485.75. On the NSE, the stock jumped 9.75 per cent during the day to Rs 485.60.

Later, it settled 4.12 per cent up at Rs 460.70. In terms of volume, over 5 crore shares of Bharti Airtel were traded on the NSE. Meanwhile, the BSE saw an exchange of over 20 lakh shares.

Unlisted Reliance Jio Infocomm is part of Reliance Industries, whose shares gained 2.28 per cent to settle at Rs 1,586.30 on the BSE. On the NSE, the scrip went up 2.30 per cent to close at Rs 1,586.90. The stock hit 52-week high on stock exchanges during the day.

The companies together added over Rs 33,000 crore in market-capitalisation. Reliance Industries has share of over Rs 22,000 crore, Bharti Airtel over Rs 8,300 crore and Vodafone Idea Rs 2,700 crore. Analysts said the renewed interest in telecom shares is driven by the hike in tariff. Telecom companies announced 15-40 per cent hike across plans which is expected to help ease the stress in the sector.

Also watch: Calls, mobile data to cost more as Bharti Airtel, Vodafone Idea set to hike tariffs

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(Video by The Times of India)

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