Telcos rise after Jio raises tariffs; Reliance Industries hits record high

Adjust Comment Print

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,329.18 crore during the week, as per Sebi's record including the provisional figure of October 18.

Telecom stocks surged after Reliance Industries (RIL's) Jio raised data tariffs recently, signalling more pricing discipline in the sector, while strong global markets also boosted sentiment. The company reported net profit of Rs 113.65 crore for the year ended March 2017, a 13.2% jump over a net profit of Rs 100.34 crore it had posted in the preceding year.

Market leader Bharti Airtel's shares were up by 2.78% trading at Rs 487 a piece while Idea Cellular's shares were priced at Rs 96.15, up by 5.54%.

Reliance Communications (up 7.90%), Idea Cellular (up 7.30%), Tata Teleservices (Maharashtra) (up 4.86%), Bharti Airtel (up 3.17%) and MTNL (up 2.01%), edged higher.

Financial stocks capped the gains on indexes after a rise in bad loans at Axis Bank Ltd last week sparked concerns over recovery of stressed assets. Jio's Rs. 399 plan will now be available for Rs. 459 for prepaid Jio customers. Deutsche Bank says Jio's action implies a "progressively normalisation of sector pricing".

Sam Smith: Why I love a kitten heel
He said: " I love a heel ". "And I was 19 when I started writing the first album". However, the Oscar-winning singer has clarified that he has no boyfriend.

The 30-scrip Sensitive Index (Sensex), was trading 92.39 points or 0.29% higher soon after opening.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 8.85 points or 0.09 per cent lower at 10,137.70 points.

The benchmark BSE Sensex closed higher by 116.76 points or 0.36 percent at 32,506.72 as traders returned to their desks after a long holiday weekend.

The Sensex touched a high of 32,491.32 points and a low of 32,411.86 points in the trade so far.