Telecom stocks gain as govt waives bank guarantee; Vodafone Idea surges 16%

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Telecom stocks gain as govt waives bank guarantee; Vodafone Idea surges 16% - Business Standard

Quick Summary:

Vodafone Idea is expected to be one of the key beneficiaries as the company was required to submit a total of Rs 24,700 crore in BGs, ICICI Securities said in a note.

The BSE Telecom index, the top gainer among sectoral indices, was up 1.8 per cent, as compared to 0.3 per cent rise in the BSE Sensex.

The debt from banks and financial institutions reduced by Rs 4,580 crore during the last one year (was at Rs 7,830 crore in Q2FY24) and stood at Rs 3,250 crore.