Telecom stocks extend rally; Voda Idea up 32%, new 52-wk high for Airtel

The rally in telecom stocks continued for the fourth straight session on Wednesday, after Reliance Jio announced that it will, along with Bharti Airtel and Vodafone Idea, increase tariffs in an appropriate way over the next few weeks.

Among individual stocks, Bharti Airtel climbed 3 per cent to Rs 453, also the stock’s fresh 52-week high, on the BSE. Vodafone Idea surged as much as 32 per cent intraday to Rs 7.93 on the BSE. In fact, the stock has now rallied 204 per cent from Friday’s low of Rs 2.61.

Reliance Industries also continued its uptrend and gained over 4 per cent to Rs 1,571, also its fresh all-time high on the BSE. The company is closing on the landmark of being the first Indian company to touch the market capitalisation of Rs 10 trillion. At 9:42 am, the company had the m-cap of Rs 9.92 trillion, BSE data showed.