Bharti Airtel shares surge on 3G roaming pact relief
Mumbai: Bucking an overall weak trend, shares of Bharti Airtel on Monday gained nearly 4 percent on reports that the Supreme Court has allowed 3G roaming pacts to continue till next date of hearing.
The company's scrip ended at Rs 281.20, up 3.90 percent on the BSE. During the day, the stock had jumped 5.13 percent to Rs 284.55. At NSE, shares of the company closed at Rs 279.10, up 3.27 percent from its previous close.
"The Supreme Court today granted interim relief to Bharti Airtel in the 3G roaming case which led to buying in the stock," said Milan Bavishi, Head Research, Inventure Growth and Securities.
Buying was also seen in other telecom companies, with Idea Cellular gaining 3.63 percent and RCom (4.52 percent).
The Department of Telecommunications (DoT) on March 15 had issued a notification restraining Bharti from providing 3G intra-circle roaming facilities in seven circles where it did not have spectrum.
Meanwhile, in the broader market the BSE benchmark Sensex fell for the fourth day and ended at 18,437.78, down 12.45 points.