Bharti Airtel, Vodafone Idea, RIL shares up nearly 23%; this is triggering rally

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Updated: December 2, 2019 11:41:44 AM

Shares of Bharti Airtel, Vodafone Idea and Reliance Industries (RIL) surged as much as 23 per cent on Monday after the telcos announced new tariff plans.

Supreme Court, telecom sector, telecom sector collapse, FICCI, Nirmala Sitharaman, Airtel, Vodafone Idea, Department of TelecomThe shares of unlisted Reliance Jio-backed by RIL chairman Mukesh Ambani gained 2.63 per cent on the BSE in the early trade.

Shares of Bharti Airtel, Vodafone Idea and Reliance Industries (RIL) surged as much as 23 per cent on Monday after the telcos announced new tariff plans. The new rates are effective from December 3 onwards, the telecom companies said in a statement. While shares of Vodafone Idea rose up to 22.69 per cent on BSE, Bharti Airtel gained 7.35 per cent on the BSE. The shares of RIL, parent of unlisted Reliance Jio-backed by Mukesh Ambani, gained 2.63 per cent on the BSE in the early trade.

Bharti Airtel and Vodafone Idea on Sunday announced fresh plans to raise tariffs from Tuesday onwards, following which the mobile calls and internet charges will go up by up to 50 per cent. Reliance Jio ‘s revised tariffs will be launched on December 6. It will lead to the voice and data tariff increasing by up to 40 per cent.

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Also read: Share market LIVE: RIL, Bharti Airtel shares soar up 5% after tariff hike; Sensex up

Vodafone Idea’s loss for the September quarter increased to Rs 50,922 crore from Rs 4,874 crore from the corresponding period a year ago, on account of funds set aside to pay dues to the government. Bharti Airtel posted a Rs 23,045 crore loss in the quarter from a profit of Rs 118 crore in the year-ago period.

Meanwhile, the benchmark equity indices — Sensex and Nifty — rose by over 80 points in early trade on Monday despite headwinds in form of weak GDP numbers, sliding rupee and rising crude prices. However, a rally in other Asian stock markets supported the domestic market, dealers said. The 30-share index was trading 81.65 points, or 0.20 per cent, higher at 40,875.46 in the morning session. Similarly, the broader Nifty was quoting 25.35 points, or 0.21 per cent, up at 12,081.40.

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