Telecom stocks surged on Friday after Cabinet likely approved relief measures for the telecom operators. The S&P BSE telecom index- comprising of 13 stocks – rose as much as 7.20 percent. Shares in Vodafone Idea and Bharti Airtel surged as much as 38.09 percent and 9.99 percent respectively on the BSE.

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On the National Stock Exchange (NSE), Vodafone Idea shares opened higher at Rs 4 apiece and climbed to Rs 5.80 apiece, marking an intraday increase of 38.09 percent. The shares of Bharti Airtel rose up to 9.48 percent on the NSE to an intraday high of Rs 509.05 apiece.

At 11:50 am, the S&P BSE telecom index was 3.79 per cent up at 1,115.73.

The Telecom Service Providers (TSPs) have been directed to make payments on the basis of self-assessment and submit requisite documents for compliance, according to sources. Following this, DoT will carry out reassessments on the basis of documents submitted by the Telecom Service Providers in accordance with the license agreement and issue revised demand notices, they said.

Meanwhile, Indian shares witnessed another tumultuous opening session on Friday. Indian bourses halted trading for 45 minutes during the early session after both the benchmark indices Sensex and Nifty hit their lower circuit limits. After re-opening, the stocks markets are trading volatile.

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First Published:Mar 13, 2020 1:03 PM IST