Telecom stocks surge after tariff hike announcements; Vodafone Idea up 23%, Bharti Airtel gains 7.35%
New Delhi: Shares of telecom companies on Monday surged on the back of new tariff plans announced by the operators to be effective from 3 December onwards.
Shares of Vodafone Idea were trading at Rs 8.38, up 22.69 percent, on the BSE. The stock rose 22.63 percent to Rs 8.40 on the NSE.
Bharti Airtel appreciated 7.35 percent to trade at Rs 474.80 on the BSE. The stock gained as much as 9.82 percent to Rs 485.75 in early trade. On the NSE, the stock jumped 7.36 percent to Rs 475.
Mobile calls and internet charges will go up by up to 50 percent in the country, as private sector players – Bharti Airtel, Vodafone Idea and Reliance Jio – on Sunday announced their plans to raise tariffs from 3 December 3 onwards.
Reliance Jio on Sunday said it will launch new unlimited plans from 6 December, which will raise its voice and data tariff by up to 40 percent.
Unlisted Reliance Jio Infocomm is part of Reliance Industries, whose shares gained 2.63 percent on the BSE. On the NSE, the scrip went up 2.61 percent to Rs 1,591.65.
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost)Telecom stocks surge after tariff hike announcements; Vodafone Idea up 23%, Bharti Airtel gains 7.35%