Telecom shares in focus; Bharti Airtel, Idea Cellular up 2%

Idea Cellular was up 3% at Rs 89, while Bharti Airtel by 2% at Rs 348, against 0.25% decline Sensex

Shares of telecom services providers such as Bharti Airtel and Idea Cellular were trading higher by up to 3% on BSE in early morning trade in an otherwise subdued market.

Idea Cellular was up 3% at Rs 89, while Bharti Airtel gained 2% to Rs 348, as compared to 0.25% decline in the S&P BSE Sensex. The S&P BSE Telecom index was up 1.3% at 09:26 am.

Reliance Industries (RIL), however was down 1% at Rs 1,428 after hitting a low of Rs 1,413 on profit bookings.

Complying with the Telecom Regulatory Authority of India’s (Trai’s) advice, Reliance Jio, a subsidiary of RIL, on Thursday withdrew its Summer Surprise offer. Announced last week, the scheme promised to provide complimentary services to every Jio Prime member for three months starting April 1. CLICK HERE TO READ FULL REPORT.

Thus far in the calendar year 2017, RIL has outperformed the market by gaining 33% against 12% rise in the benchmark index till yesterday. On comparison, Bharti Airtel (up 12%) and Idea Cellular (up 17%) were gained less than 20% each.