Telecom stocks rally on tariff hike; Bharti Airtel up 10%, RIL at new high

Shares of telecom services providers rallied up to 10 per cent on the BSE in the early morning deals on Monday on the back of tariff hike plan.

Among individual stocks, Bharti Airtel surged 10 per cent to Rs 486, also its fresh 52-week high on the BSE. Reliance Industries (RIL), the parent company of Reliance Jio, hit a new high of Rs 1,614, up 4 per cent, while Vodafone Idea (VIL) soared 24 per cent to Rs 8.44 on the BSE.

Bharti Airtel and VIL on Sunday announced a tariff hike in the range of 15 per cent and 40 per cent across different plans. The tariff hike by both companies will be applicable from December 3, 2019.

“Airtel’s new plans, represent tariff increases in the range of a mere 50 paise/day to Rs. 2.85/day and offer generous data and calling benefits,” Bharti Airtel said in a press release.