Telecom stocks surge on new roaming regulations

A day after the Telecom Regulatory Authority of India (Trai) clarified that roaming charges will only be reduced and not abolished,shares of firms in the sector rallied,bucking the trend of an overall weak market condition.

Reliance Communications led the pack with a jump of over 12 per cent to hit a 52 week high of Rs 124.95 intraday,closing the day at Rs 123.7 with a gain of 11.1 per cent. Tata Teleservices saw its share price go up by 2.6 per cent. Idea Cellular and MTNL too witnessed a rise in their share prices by 1.3 and 1.4 per cent respectively. Share price of Bharti Airtel also rose by 1.7 per cent during the day but lost its gains later in the day and closed at Rs 291.5 witnessing a fall of 1.67 per cent.