The Department of Telecommunications (DoT) invited applications for the spectrum auction scheduled to start on March 1, 2021. Notably, The union cabinet approved a proposal for the auction of 2,251.25 megahertz (MHz) of spectrum worth Rs 3.92 lakh crore at the base price on December 17, 2020.
Reacting to this development, Most telecom stocks were trading in the positive territory on the BSE and NSE during the noon-session of trading on January 7.
Shares of Bharti Airtel jumped more than 5 percent while those of Vodafone Idea rose almost 3 percent in intraday trade, which boosted the BSE telecom index.
The telecom index jumped 4 percent in intraday trade. The BSE Telecom index was 3.69 percent up at 1,378 with 9 stocks in the green and 5 in the red.
Shares of Bharti Airtel, Indus Towers, GTPL, Vodafone Idea and HFCL were the top gainers while OnMobile Global, Reliance Communications and MTNL were the top losers.
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