Biznextindia : Telecom stocks rise in the morning trade Thursday after the government approved major reforms for the Telecom sector. BSE telecom index rose by 1.24% to 1768.20.
Share prices of Vodafone Idea gained most hitting upper circuit on the BSE. At 10 am Vodafone Idea shares were at Rs. 9.87, a gain of 10.53% on the BSE. MTNL gained by 1.31% to Rs.19.35, Indus Tower gained by 9% to Rs.266, Tata Communication gained 0.14% to Rs.Rs.139.39. Bharti Airtel also in the positive zone at Rs.726.20, up by 0.09%.
The Union Cabinet yesterday approved several path-breaking reform proposals for the Telcom sector. While the government has approved 100% Foreign Direct Investment (FDI) in the Telecom sector, a moratorium of 4 year or the payment of the Adjusted Gross Revenue (AGR) dues and Spectrum dues, providing a relief to the debt-strapped telecom players.
Auto Stocks gain
Meanwhile, Auto shares also responded positively to the governments Rs.28,058 crore PLI scheme for the Automobile Industry. S&P BSE Auto up 0.37% to 23,275.37 points. While Bajaj Auto gain 1.14% to Rs.3826.05, Hero Motocorp gain 1.15% to Rs.2907, TVS gain by 0.60% to Rs.551. However, other major Auto stocks like Tata Motors, Ashok Leyland and Eicher witness drop.