NEW DELHI: Telecom shares were trading mixed with the SP BSE Telecom index up 1.04 per cent at 1002.09 on Monday.Shares of Reliance Communications (up 14.16 per cent), Himachal Futuristic Communications (up 2.75 per cent), Bharti Airtel (up 1.90 per cent) and Vodafone Idea (up 0.42 per cent) were the top performers in the index.
Reliance Communications shares surged as its unit, Reliance Realty furnished a Rs 1,400 crore corporate guarantee to the telecom department (DoT) in line with a Supreme Court directive, paving the way for early closure of the Anil Ambani-led telcos pending spectrum sale to Reliance Jio Infocomm, a person aware said.Last Friday, the countrys apex court had allowed RCom to sell its airwaves to Jio, dismissing DoTs objections, and in turn, providing a huge relief to the beleaguered telco, which will now be able to conclude the transaction and reduce debt by repaying creditors.GTPL Hathway (down 3.87 per cent), Sterlite Technologies (down 1.60 per cent), Tejas Networks (down 1.58 per cent) and Tata Communications (down 1.56 per cent) were among the top laggards in the index.
Benchmark NSE Nifty50 index was down 1.35 points at 10,875.4 while BSE Sensex was down 0.32 points at 36,193.98.
Among the 50 stocks in the Nifty index, 26 were trading in the green, while 24 were in the red.
Shares of Reliance Communications, YES Bank, JP Associates, PowerGrid, Suzlon Energy, Sun Pharma, Federal Bank, PFC, Infibeam Avenues, Ashok Leyland, Bank of Baroda, Adani Power, Tata Power, Reliance Power, Idea Cellular and PC Jeweller were among the most traded shares on the National Stock Exchange.