Bharti Airtel is trading higher by 2% at Rs 296, extending its about 6% rally in past three trading sessions, on reports that telecom regulator TRAI was asked to revise price for airwaves unsold in this week’s 2G spectrum auction.
According to the media reports, an auction of 2G airwaves attracts less demand than targeted by the government because prices are seen as too high. There were no bids for Delhi, Mumbai, Karnataka and Rajasthan, and these four zones contribute 50% of the reserve price.
"The government has sold 42.37% of the total airwaves that were put up for sale. The government will have to take some serious policy decisions, including whether the auctions should be re-run in these four circles with a lower reserve price," Economic Times report suggests quoting telecom secretary R Chandrasekhar.
The stock opened at Rs 293 and hit a high of Rs 299 on the BSE. A combined 145,000 shares have changed hands on the counter in opening deals.
