Telecom stocks surge after sharp cut in spectrum price
Posted on: 12:34 PM IST Sep 10, 2013
Shares of telecom service providers surge after India proposed a 60 percent cut in mobile spectrum prices in response to lukewarm interest from telecom companies in two previous sales.
Analysts say the cut in reserve prices is positive for incumbents and more such moves may come considering lower demand for spectrum at higher prices.
Bharti Airtel Ltd (BRTI.NS) gains 4.6 per cent, Idea Cellular Ltd (IDEA.NS) is up 4.3 per cent while Reliance Communications Ltd (RLCM.NS) gains 2.3 per cent.