March 8, 2018 / 4:14 AM / 8 months ago

BUZZ-Indian telecom stocks rise on govt move to raise spectrum cap for mobile carriers

** Indian telecom stocks Bharti Airtel Ltd, Idea Cellular Ltd rise in early trade

** India’s government raises the cap on airwaves that a mobile operator can hold to 35 pct from 25 pct

** Government also removes intra-band cap but said mobile carriers would have to adhere to a 50 pct cap on combined airwaves holdings below 1 GHz bands

** Telecom network operators now allowed to pay for pricey spectrum in 16 instalments instead of 10

** The move will enable the incumbent operators and well as Reliance Industries telecom firm Jio to strengthen their existing spectrum footprint, Morgan Stanley writes in a note

** However, Morgan Stanley expects about 15 pct downside risk to the government’s 2019 budgeted revenue estimates from the telecom sector

** Shares in Idea rise as much 4 pct, their biggest intraday gain in nearly two months; S&P BSE Telecom Index rise as much as 2 pct

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