Telecom stocks like D-Link, MTNL and HFCL rallied on February 1 after Finance Minister Nirmala Sitharaman, while presenting Union Budget 2025, announced a new scheme of providing broadband connectivity to some government schools and health centres.
"Broadband connectivity will be added to all government secondary schools and primary healthcare centres in rural areas under the 'Bharat Net' project," the finance minister said while presenting the Budget in the Parliament.
Shares of D-Link (India) surged nearly 9 percent. The shares were trading at Rs 525.65, as seen at 11.32 am. The shares are currently trading nearly 105 times higher than their 52-week-low record of Rs 255.9 apiece. However, they are still 28 percent lower than the 52-week-high record of Rs 728 per share.
HFCL shares jumped over 7 percent to trade at Rs 104.51 per share after the announcement. The stock is currently 29 percent higher than its 52-week-low record of Rs 81.25 per share. It is however 39 percent lower than its 52-week-high record of Rs 171 per share.
Shares of Mahanagar Telephone Nigam Ltd (MTNL) jumped over 3 percent to trade at Rs 47.61 apiece. The stock however is significantly lower than its 52-week-high record of Rs 101.88 per share.
The overall market sentiment however remained low as the finance minister continued to present the Budget. Sensex hovered near the 77,400-mark, while Nifty was down 0.15 percent to 23,474, as seen as 12.05 pm.
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