Telecom stocks end in the green after SC hearing on AGR case

The AGR dues relate to an apex court ruling on October 24 last year when it upheld the government’s broader definition of AGR, on which it calculates various levies like spectrum usage charges and license fees.

Share price of Reliance Communications and Tata Teleservices jumped over 4 percent each while that of Bharti Airtel and Vodafone Idea added a percent each.

Vodafone Idea share was the most active on NSE in terms of volumes where 1,03,45,36,973 shares were traded, data available at 15:30 hours showed.

The Supreme Court had, in the June 18 hearing on the AGR matter, said that private telecom players including Vodafone Idea must outline a reasonable plan and make some payment to “show their bonafide”. It also directed telecom companies to provide details with respect to key points like the roadmap for payments in terms of the period required to repay AGR dues; timeline of payment, and security they can provide to guarantee payment.

For Bharti Airtel, the AGR dues as per DoT is Rs 35,500 crore whereas it is Rs 13,000 crore as per the company’s self assessment. So far, it has paid Rs 18,800 crore. As per DoT, it still has to pay Rs 17,500 crore.

For Vodafone Idea, DoT claims that the remaining payable is Rs 53,000 crore while the company claims it is Rs 21,500 crore. So far, the company has paid Rs 6,900 crore. As per DoT, it still has to pay Rs 46,100 crore.

-MoneyControl