December 2, 2019 / 9:20 AM / 3 months ago

UPDATE 1-BUZZ-Indian telcos surge on plans to raise tariffs

(adds comments from research note, details)

** Shares of Indian telecommunication providers Vodafone Idea Ltd, Bharti Airtel and Reliance Jio- parent Reliance Industries rise after tariff hike announcements

** Vodafone Idea surges as much as 28.47% to 8.8 rupees, the highest in four months, while Airtel gains 9.75% to 485.6 rupees, highest since January 2018

** “We believe the just-announced tariff hikes of 15-40% were much required and will likely remedy most of the problems of the industry,” ICICI Securities said in a research note

** Airtel gained the most on the NSE index

** Reliance Industries shares rose as much as 4.08% to a record high of 1,614.45 rupees

** ICICI Securities also sees blended ARPU (average revenue per user) to increase by 21% for Airtel and Vodafone Idea

** Tariff increases come after the India’s top court upheld the telecoms ministry’s demand that wireless carriers pay 920 billion rupees ($12.82 billion) in overdue levies and interest within months.

$1 = 71.7700 rupees Reporting by Philip George in Bengaluru

0 : 0
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