Telecom stocks under pressure; Stock prices slip over 1% intraday on BSE Sensex
Investors in telecom stocks are nervous on BSE Sensex today.
Shares of listed telecom companies on the BSE Sensex traded in red as Finance Minister Arun Jaitley presented the Union Budget FY19.
Intraday, the stock price of the telcos’ slipped below 1% on the BSE Sensex.
At 1202, India’s telecom major, Airtel was trading 4.55 points lower or 1.03% at Rs 435.10 per share on the BSE Sensex.
While Idea Cellular was trading 0.70 points down or 0.75% at Rs 92.45 apiece.
Reliance Communications was down 0.50 points or 1.69% at Rs 29 per share.
When Jaitley began his budget speech at 11, RCom shares were down 0.85%; Airtel and Idea Cellular were down 0.49% and 0.38% respectively.
The telecom regulatory body, TRAI, had moved to cut mobile number portability charges to just Rs 4 on Wednesday. This charge was earlier listed at Rs 19 per transaction.
In his budget speech, FM Jaitley announced Rs 10,000 crore for 5,00,000 WiFi rural hotspots.
Further details on the telecom sector are awaited from the budget.
Telecom sector is looking forward to tax cuts in the forthcoming financial year. The sector is currently under a debt burden that is estimated to reach Rs 4.8 lakh crore by the end of FY18.
WATCH:
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
12:36 PM IST