Telecom stocks rally on cut talks

Shares of Bharti Airtel and Idea Cellular surged as much as 9% amid reports that the government is likely to cut the reserve price for airwaves after just one company bid for the spectrum auction next month.

Shares of Bharti Airtel and Idea Cellular surged as much as 9% amid reports that the government is likely to cut the reserve price for airwaves after just one company bid for the spectrum auction next month.

Airtel touched an intra-day high of R334.55 before ending at R311.30, a rise of 1.38% from Monday. Idea Cellular surged over 4.43% to an early high of R118.85 before ending Tuesday at R118, up 3.69%, on BSE.