Telecom shares rally: Bharti Airtel hits 52-week high, Idea surges over 5%

Bharti Airtel surged 11% to its 52-week high of Rs 397 on the BSE in intra-day trade

Shares of telecom service providers have rallied by up to 11% on the BSE in early morning trade.

Bharti Airtel has surged 11% to its 52-week high of Rs 397, after India's largest telecoms network operator, said it would buy Telenor (India) Communications Pvt Ltd, to strengthen the market positions, potential for synergies etc.

Bharti Airtel said it has entered into a definitive agreement with Telenor South Asia Investments Pte Ltd. (“Telenor”) to acquire Telenor (India) Communications Private Limited (“Telenor India”), subject to regulatory approval.

Airtel will buy Telenor's India operations in seven circles - Andhra Pradesh,