Telecom stocks Friday settled with as much as 2 percent gain after the government raised over Rs 61,162 crore from auction of wireless spectrum.
Mumbai: Telecom stocks Friday settled with as much as 2 percent gain after the government raised over Rs 61,162 crore from auction of wireless spectrum.
Shares of Idea Cellular rose by 0.80 percent, while Bharti Airtel surged 0.86 percent on the BSE.
Reliance Communications gained 1.98 percent.
Vodafone Group and Bharti Airtel won critical wireless telecom spectrum in metros like Delhi and Mumbai and several other cities in an intensely fought 10-day auction that gave the government over Rs 61,162 crore, far exceeding its own target.
Mukesh Ambani's Reliance Jio Infocomm, which surprised by entering the fray despite owing pan-India 4G spectrum, bid aggressively for both the bands of airwaves on offer - the premium 900 Mega-Hertz and not so efficient 1,800 MHz, but choose spectrum only in the later band in 14 out of 22 circles.
Airtel, whose licenses in Delhi and Kolkatta was due to expire in November, won back 900 MHz in both these metros and added the same in Mumbai. It also won 1,800 MHz spectrum in 15 circles. It put in total bid worth Rs 18,530 crore for a total of 115 MHz of spectrum in 900 MHz and 1800 MHz bands.
Sunil Bharti Mittal-promoted firm said it will roll out pan-India 4G network using 1800 MHz.
Idea was the only other company to win the 900 MHz spectrum, which is capable of 3G communications, in Delhi.
Anil Ambani's Reliance Communications won just one circle of 1800 MHz in Mumbai.