Telecom stocks rally; Idea Cellular up over 8%
Led by Idea Cellular, telecom stocks Tuesday rose by up to over 8 percent amid buzz that operators may hike tariffs.
Mumbai: Led by Idea Cellular, telecom stocks Tuesday rose by up to over 8 percent amid buzz that operators may hike tariffs.
Bharti Airtel scrip settled 4.81 percent up at Rs 345.25 on the BSE, and was the top gainer among the 30 Sensex- bluechip scrips.
The uptick in the stock was a significant contributor to the overall stock market gain.
Idea Cellular surged 8.27 percent to close at Rs 122.40 after hitting a 52-week high of Rs 123 during the day. Besides, Reliance Communications ended 2.68 percent higher.
"These stocks rallied due to buzz of rate hike by telecom operators," CNI Research CMD Kishor Ostwal said.
Leading telecom companies have already hiked 2G data rates and have been saying that they need to raise voice tariffs as well because they not able to recover costs.
Meanwhile, in the stock market, the BSE index Sensex ended at 19,986.82, up 80.41 points.