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Telecom shares gain after India relaxes FDI cap rules

India approved the relaxation of FDI in a bid to lure capital inflows and rev up growth.

Written by Reuters | Mumbai | Published: July 17, 2013 11:16:01 am

Shares in India’s mobile operators such as Reliance Communications Ltd (RLCM.NS) gained today,a day after India approved raising the foreign investment limit in the sector to 100 percent from the current 74 percent.

India approved the relaxation of foreign direct investment (FDI) rules on Tuesday in a broad swathe of industries in a bid to lure capital inflows,prop up a sliding currency and rev up growth.

Reliance Comm gained 2.9 percent,Idea Cellular (IDEA.NS) rose 2.4 percent,while Bharti Airtel (BRTI.NS) rose 1.5 percent.

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