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Last Updated : Aug 10, 2020 11:09 AM IST | Source: Moneycontrol.com

Telecom stocks trade mixed ahead of SC's AGR hearing; Vodafone Idea gains, RCom down 4%

S&P BSE Telecom is trading marginally in the green ahead of the Supreme Court hearing with Vodafone Idea gaining 2 percent while Bharti Airtel was trading in the red.

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The Supreme Court will be hearing the adjusted gross revenue (AGR) case on August 10 where it may allow telecom companies to make staggered payments, media reports suggest.

The SC on July 20 had reserved its order on permitting telecom companies to make staggered payments over 15 years.

Vodafone Idea has to pay a balance of Rs 50,399 crore, while Bharti Airtel's outstanding amount is Rs 25,976 crore, said Solicitor General Tushar Mehta.

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Both the telecom majors, which owe the maximum amounts, had on July 20 revised their demand from 20 years to 15 years for the staggered payments after the Supreme Court's stringent stance on payment period.

Reliance Communications, Videocon and Aircel were asked to submit all records and details of insolvency within seven days, after the SC had wondered if the IBC is being misused by the companies. But the SC might not make any observations in relation to this since the issue of companies under liquidation will be considered on August 19.

The SC might give a final order on allowing staggered payments of AGR-related dues over 15 years. The apex court will likely provide some clarity on the time frame for the payments. The SC is expected to stick to its observation that self-assessment of AGR-related dues by telecom companies is not allowed, and will uphold the DoT's estimates.

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S&P BSE Telecom was trading marginally in the green ahead of the Supreme Court hearing with Vodafone Idea gaining 2 percent while Bharti Airtel was trading in the red, at the time of writing this copy.

Reliance Communications was the top loser, down over 4 percent, followed by OnMobile Global (-3 percent) and GTL Infra (-1 percent).

HFCL share price jumped 8 percent followed by ITI, Tejas Networks and Tata Communications were the other stocks which traded in the green.

Vodafone Idea shares were one of the most active on NSE in terms of volumes with 14,28,70,282 shares being traded.
First Published on Aug 10, 2020 11:09 am
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