Telecom shares rise on hopes of govt help

BENGALURU/DELHI:Telecom stocks rose today amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

shalender@tribune.com

Bengaluru/Delhi, Nov 15

Telecom stocks rose today amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country. 

On a conference call with analysts, Vodafone Idea CEO Ravinder Takkar said he saw no conflict in the government’s ability to provide relief to telecoms companies, sending shares up 20% in afternoon trade. 

“Given the stress on the sector, it gives the government additional ability to act in the interest of the overall economy,” he said. The S&P BSE Telecom index jumped as much as 8.6%, with shares of Vodafone rival Airtel rising over 8%. — Reuters

Cities

View All

Six illegal commercial godowns sealed in city

All located at Afeem Wali Gali, just 100 metres from MC off...

‘Restricting garden timings no remedy’

PU students, residents want security up

Salon manager alleges extortion by cops, retracts

SHO of MDC police station suspended; Home Guards jawan, accu...

For UT, bus shelters can wait, not flyover

Both projects took root in 2016, but Admn rushed with the l...