D-Street Buzz: Telecom stocks surge up to 16%; Vodafone Idea top gainer in sectoral index
The Supreme Court on January 21 agreed to hear the modification plea filed by telecom operators
January 21, 2020 / 12:28 PM IST
The BSE Telecom index traded over a percent higher in the first half of trade on January 21, buoyed by gains in shares of Vodafone Idea, Bharti Infratel and GTL Infra.
The BSE Telecom index was 1.36 percent up at 1,197.54 at 12:00 hours IST, with Vodafone Idea (up 16.05 percent), Bharti Infratel (up 7.28 percent), GTL Infra (up 2.63 percent) and Tejas Network (up 1.01 percent) as the top gainers.
On the other hand, Reliance Communications (down 4.49 percent), ITI (down 2.67 percent), MTNL (down 2.32 percent) and Bharti Airtel (down 0.21 percent) were among the losers in the index.
The Supreme Court on January 21 agreed to hear the modification plea filed by telecom operators Vodafone Idea, Bharti Airtel, and Tata Teleservices on giving them more time to pay off AGR related dues which total over Rs 1 lakh crore.
These telecom companies had filed a modification petition with the Supreme Court on January 20, seeking an extension to the January 23 deadline to pay dues in connection with its Adjusted Gross Revenue (AGR) verdict.