Stocks of five telecom operators were up by 2.01% to 7.90% at 11:42 IST on BSE after Reliance Jio Infocomm increased its tariff plans last week.
Reliance Communications (up 7.90%), Idea Cellular (up 7.30%), Tata Teleservices (Maharashtra) (up 4.86%), Bharti Airtel (up 3.17%) and MTNL (up 2.01%), edged higher.
Telecom tower infrastructure provider Bharti Infratel was down 3.21%.
Meanwhile, the S&P BSE Sensex was up 68.37 points, or 0.21% at 32,458.33.
Reliance Industries (RIL)'s telecom arm, Jio, raised tariffs last week, signalling more pricing discipline in the sector. A foreign brokerage reportedly said that the price increases are positive for the sector and incumbents, who had generally followed Jio's prices in the past six months and will now likely be able to raise prices as well. Jio's entry had sparked cutthroat competition in telecom sector, eroding profitability.
Jio's most popular plan of Rs 399 with a three month validity (84 days) is now available for Rs 459 and subscribers who want to recharge with Rs 399 plan will have the pack available for a period of 70 days instead. The changes kicked in from 19 October 2017.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content