- Policy step may lead to consolidation in telecom sector
- Reliance Communications, Bharti Airtel, Idea Cellular surge
Reliance Communications Ltd. surged the most in six years as telecommunication stocks rallied after India’s government approved rules for trading wireless spectrum.
Companies can now trade the right to use spectrum, whose ownership remains with the government of India, Communications Minister Ravi Shankar Prasad said at a briefing in New Delhi today.
Reliance Communications rose as much as 17 percent, Bharti Airtel Ltd. gained 5.3 percent and Idea Cellular Ltd. jumped 6.5 percent.