Union Budget 2023: Telecom equipment stocks zoom as FM proposes to set up 100 5G labs

Telecom equipment stocks were on buyers' radar in the afternoon deals on February 1 after Finance Minister Nirmala Sitharaman, in her Budget speech, announced that the government has decided to increase focus on 5G by setting up 100 labs to develop 5G applications.

GTL Infrastructure was the biggest gainer among these stocks, rising 12 percent. ADC India, Avantel, HFCL, ITI, Kavveri Telecom, Maestros Electronics, Optieums India, Quadrant Tele, and Tejas Networks were up in the range of 1-4 percent.

In an address to Parliament, Finance Minister Nirmala Sitharaman said the government would set up 100 labs to develop 5G applications.

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