Telecom Stocks Ring Loud On Brokerage Upgrade (08-Jul-2010)
Meanwhile, the BSE Sensex was up 177.29 points, or 1%, to 17,829.02
Idea Cellular (up 13.05%), Reliance Communications (up 3.59%), Bharti Airtel (up 10.15%), Tata Teleservices (Maharashtra) (up 6.70%), MTNL (up 4.04%) and Shyam Telecom (up 4.86%) surged.
Today's across the board rally in telecom stocks was accompanied by multi-fold surge in volume. Idea Cellular clocked volume of 60.08 lakh shares as against an average daily volume of 10.10 lakh shares in the past one quarter.
Bharti Airtel saw volume of 49.77 lakh shares as against an average daily volume of 10.22 lakh shares in the past one quarter. A total 19.63 lakh shares were traded on the Tata Teleservices (Maharashtra) counter as against an average daily volume of 7.25 lakh shares in the past one quarter.
Reliance Communications notched volume of 19.79 lakh shares as against an average daily volume of 25.52 lakh shares in the past one quarter.
Bharti Airtel and Idea Cellular were raised to 'outperform' while Reliance Communications' rating was increased to 'neutral' by the foreign brokerage.
Bharti Airtel on Thursday termed as 'lopsided' the report of telecom regulator Trai on spectrum charges, saying it was not liable for 'one-time charges' for frequencies beyond 6.2 MHz. Trai has suggested that the operators be charged a one-time fee for holding extra spectrum beyond the contractual limit of 6.2 MHz and the same may be linked to the price of 3G spectrum for which auction was held recently.
The telecom ministry has recently set up a panel to look into mobile firms' concerns over the sector regulator's proposals, including levying a one-time fee on 2G radio spectrum.
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