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Major telecom stocks were on a roll with the TRAI recommending sharing of telecom spectrum, which might lead to better service quality apart from bringing down the cost of services.
The positive vibes generated by the move pushed up the stock price of telecom companies such as Bharti Airtel, Idea Cellular and Reliance Communications (RCom), with Bharti emerging the biggest Nifty gainer in percentage terms.
The telecom regulator TRAI has recommended that telecom operators having bandwidth in the same frequency bands could share spectrum, which is expected to help bring down the cost of spectrum ownership. This is also expected to improve service quality.
The proposal led to heavy trading in select telecom counters, with Bharti Airtel shares gaining Rs 13.95 or 4.14 per cent to trade at Rs 351.15, with a trading volume of 57.09 lakh shares.
Idea Cellular shares jumped Rs 6.90 to Rs 146.65 and the stock witnessed a trading volume of a whopping 1.89 crore shares. Investor sentiment was aided by the company's Q1 performance.
RCom shares gained Rs 4.90 to Rs 135.25 with the trading volume being 52.79 lakh shares. Tata Teleservices (Maharashtra) was up by 25 paise to Rs 12.90.
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