Telecom services providers fell by 1.57% to 5.69% at 14:05 IST on BSE after these companies announced provisional bids for telecom spectrum auction.
Meanwhile, the S&P BSE Sensex was down 10.90 points or 0.04% at 27,446.68.
Among telecom stocks, Idea Cellular tumbled 5.68% to Rs 170.15. The stock hit a high of Rs 186.90, also a 52-week high for the stock. At the day's high, the stock had risen 3.6%. The stock hit a low of Rs 166.25 so far during the day. At the day's low, the stock slumped 7.84%. Idea Cellular said before market hours total telecom spectrum bid made is valued at approximately Rs 30100 crore
Reliance Communications (RCom) slumped 4.55% to Rs 57.65. At the day's high of Rs 61.50, the stock had risen 1.82%. At the day's low of Rs 56.90, the stock slumped 5.79%. RCom said before market hours total bids made by the company in the spectrum auctions stood at Rs 4299 crore with upfront payment at Rs 1106 crore. RCom invested nearly 50% of its total outlay on 800/850 MHz band RCom acquired new and top-up 800/850 MHz spectrum in 11 Circles to achieve contiguous 5 MHz spectrum holding nationwide.
Bharti Airtel tumbled 5.69% to Rs 378. At the day's high of Rs 404.25, the stock had risen 1.59%. At the day's low of Rs 372.90, the stock slumped 6.47%.The company said before market hours that it has acquired 111.6 MHz of prime spectrum across 900 MHz, 1800 MHz and 2100 MHz bands for a total consideration of Rs 29130 crore in the just concluded spectrum auction conducted by the Government of India. Of this, Rs 17618 crore has been spent on the renewal of existing spectrum while the balance Rs 11512 crore has been spent on procuring new spectrum.
Reliance Industries fell 1.57% to Rs 815.05. At the day's high of Rs 835.15, the stock had risen 0.57%. At the day's low of Rs 801.50, the stock dropped 3.5%. The company's subsidiary, Reliance Jio Infocomm said it has successfully acquired the right to use spectrum in 13 key circles across India in the recently concluded spectrum auction. The payment to be made for the right to use this technology agnostic spectrum for a period of 20 years is Rs 10077.53 crore. RJIL plans to provide seamless 4G services using Long-Term Evolution (LTE) in 800MHz, 1800MHz and 2300MHz bands through an integrated ecosystem.
Meanwhile, the Ministry of Communications & Information Technology said in a statement late yesterday, 26 March 2015, that the spectrum auction in 1800 MHz, 900 MHz, 2100 MHz and 800 MHz band, which commenced on 4th March 2015 and ended on 25th March 2015 after 115 rounds over 19 days, has fetched over Rs 1.09 lakh crore. In all 470.75 MHz has been put to auction in various LSAs in 800, 900, 1800 & 2100 MHz bands. This compares with 390 MHz in November 2012 and 426 MHz in February 2014.
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There was robust activity in the all the spectrum bands and vibrant bidding. Prices have significantly increased in 50 of the 69 offerings with bid price being as high as 300% over reserve price in some instances. Over 88% of the spectrum on offer has been provisionally committed at a value of over Rs 1.09 lakh crore. The overall increase over estimated proceeds from auction is about 37%, Ministry said.
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