Telecom shares in demand; Bharti Airtel jumps over 4 pc

New Delhi: Telecom shares were in demand on Wednesday and jumped up to 5 per cent even as the Union Cabinet approved a relief package for the sector. Bharti Airtel jumped 4.53 per cent and Vodafone Idea rose 2.76 per cent on the BSE.

Shares of Tata Teleservices (Maharashtra) gained 4.94 per cent and Tata Communications 1.38 per cent.

In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route.