Spectrum auction fiasco fires up telecom stocks

Telecom stocks were in the limelight today with the expectation that the failure to attract enough number of bidders for the GSM spectrum auction would benefit the existing players.

Bharti Airtel was the biggest gainer, up by Rs 11.95 or 3.89 per cent to Rs 318.95, with a trading volume of 34.22 lakh shares on the NSE in the first 50 minutes of trading.

But the stock has come off sharply from its 52-week high of Rs 370.60 it had touched barely a month ago on January 25.

Idea Cellular was another telecom stock to gain, up by Rs 3.95 to Rs 117.60, with a trading volume of 32.83 lakh shares. The stock trades close to its yearly high of Rs 123.50 it had reached on January 15.

RCom also gained but marginally. It was up by 50 paise at Rs 69.70 and this counter also witnessed a huge volume of trading of 25.08 lakh shares.

But the stock is way down its 52-week high of Rs 101.80 it had touched on March 14 last year.