Four telecom stocks rose by 2.81% to 7.58% at 13:41 IST on BSE on reports that the bidding intensity in the ongoing auction of 2G and 3G telecom spectrum has reduced drastically.
Meanwhile, the S&P BSE Sensex was down 51.77 points or 0.18% at 28,793.01
Telecom stocks staged intraday rebound amid volatility. Bharti Airtel gained 7.58% to Rs 369.60. The stock hit a high of Rs 379.70 and low of Rs 341.50 so far during the day.
Idea Cellular advanced 4.93% to Rs 156.50. The stock hit a high of Rs 162.40 and low of Rs 145.40 so far during the day.
Reliance Communications rose 3.97% to Rs 65.40. The stock hit a high of Rs 67 and low of Rs 61.70 so far during the day.
Tata Teleservices (Maharashtra) rose 2.81% at Rs 8.77. The stock hit a high of Rs 9.24 and a low of Rs 8.40 so far during the day.
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The auction of spectrum in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz Bands re-commenced yesterday, 9 March 2015 and seven rounds of bidding were completed, according to a statement from the Ministry of Communications & Information Technology issued late on Monday, 9 March 2015. By the end of the fifth day yesterday, 9 March 2015, 31 rounds of bidding had taken place. The bidding has taken place in all bands. At present, a value of approximately Rs 94000 crore has been committed by bidders in respect of provisionally won spectrum. There is still spectrum, which is yet to be sold. Bidding would recommence today, 10 March 2015.
As per reports, the department of telecommunications (DoT) won't be able to announce the final results of the auction because of a Supreme Court order barring it from doing so without its permission. A hearing in the Supreme Court in this regard is scheduled for 26 March 2015, reports added.
The government plans to sell 380.75 megahertz (MHz) of spectrum in three bands the premium 900 MHz band, 1800 MHz and 800 MHz, besides 5 Mhz in the 2100 Mhz band across 17 out of 22 telecom areas in the country. Validity of spectrum in this auction shall be 20 years.
Through the ongoing auction, the government is selling 380.75 MHz of spectrum in the 800-MHz, 900-MHz and 1,800-MHz bands, besides five MHz in the 2,100-MHz band, across 17 out of 22 telecom areas in the country. The reserve price approved is Rs 3646 crore for a MHz pan-India in the 800-MHz band, Rs 3980 crore for the 900-MHz band pan-India, Rs 2191 crore for the 1800-MHz band pan-India and Rs 3705 crore for every MHz in the 2,100-MHz band.
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