BSE Telecom hits fresh records after heavyweight Bharti Airtel outperforms

BSE Telecom outperformed its counterparts on Monday’s trading session and even emerged as the top picked sector amid free fall in broader markets. The performance comes after when heavyweight Bharti Airtel hits a new high. BSE Telecom has also clocked a new lifetime high of 1865.72 earlier today.

At around 1.40 pm, BSE Telecom was trading at 1,819.33 higher by 35.45 points or 2%.

Tata Teleservices has hit 5% upper circuit, while Vodafone Idea and MTNL surge over 4.6% and 4.5% respectively.

Airtel after hitting a new 52-week high of Rs756 per share, the stock was trading up by nearly 3%. Indus Tower gained by nearly 2%.

In the early morning of Monday, Airtel announced its new tariffs. The company takes a step in rebalancing its tariffs during November. The new tariffs in three categories namely tariffed voice plans, unlimited voice bundles and data top-ups have been increased from their current prepaid prices. These new tariffs will come into effect from November 26.

On the downside, OnMobile took the lead plunging by over 6% followed by Vindhya Telelinks shedding over 4.3%. Sterlite Technologies fell by 3.3%. Tata Communications and Reliance Communications dropped by 2.8% each.

ITI and Tejas Networks dipped by 2.7% each, while Railtel dived 2.4%. GTPL and GTL Infra plunged 1.2% and 0.7%. IIFL Securities