Bharti Airtel and Idea Cellular stocks soared amid high volumes on Thursday as telecom shares were in focus after India's largest telecom operator announced agreement to buy Telenor India. Bharti Airtel surged as much as 11 per cent to touch a fresh 52-week high of Rs 400.65. Idea Cellular shares also jumped 8.5 per cent to a session high of Rs 122. Analysts say consolidation in the country's telecom sector to counter aggressive competition triggered by Jio's entry is positive for the stocks.
Bharti Airtel said that the deal with Telenor will boost its spectrum footprint with the addition of 43.4 MHz spectrum in the 1800 MHz band. As part of the deal, Airtel will acquire Telenor India's operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. (Read: Airtel to buy Telenor India as Norwegian telecom operator exits)
Last week, news agency Press Trust of India had said citing sources that Vodafone and Aditya Birla group firm Idea Cellular are likely to finalise within a month their mega merger deal.
British mobile phone giant Vodafone had late last month confirmed talks to merge its Indian unit - Vodafone India - with Idea, ending months of speculation that the two operators were exploring a deal to help fend off Reliance Jio in India's highly competitive telecom market. Vodafone has brought its ex-India unit chief Marten Pieters to work on the proposed merger.
Bharti Airtel and Idea Cellular shares were in high demand during Thursday's session. 12.3 lakh Bharti Airtel shares and 35 lakh Idea Cellular scrips had changed hands by late morning, compared with averages of 1.85 lakh and 17.27 lakh in the past two weeks, respectively.
Most telecom stocks finished Thursday's session with gains, with Bharti Airtel settling 1.36 per cent higher, Idea Cellular up 6.4 per cent, RCom up 3.22 per cent, Tata Teleservices Maharashtra up 2.65 per cent, and Shyam Telecom up 2.8 per cent on the Bombay Stock Exchange or BSE, outperforming its benchmark index Sensex, 0.10 per cent or 28 per cent higher.
Bharti Airtel and Idea Cellular stocks soared amid high volumes on Thursday as telecom shares were in focus after India's largest telecom operator announced agreement to buy Telenor India. Bharti Airtel surged as much as 11 per cent to touch a fresh 52-week high of Rs 400.65. Idea Cellular shares also jumped 8.5 per cent to a session high of Rs 122. Analysts say consolidation in the country's telecom sector to counter aggressive competition triggered by Jio's entry is positive for the stocks.
Bharti Airtel said that the deal with Telenor will boost its spectrum footprint with the addition of 43.4 MHz spectrum in the 1800 MHz band. As part of the deal, Airtel will acquire Telenor India's operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. (Read: Airtel to buy Telenor India as Norwegian telecom operator exits)
Last week, news agency Press Trust of India had said citing sources that Vodafone and Aditya Birla group firm Idea Cellular are likely to finalise within a month their mega merger deal.
British mobile phone giant Vodafone had late last month confirmed talks to merge its Indian unit - Vodafone India - with Idea, ending months of speculation that the two operators were exploring a deal to help fend off Reliance Jio in India's highly competitive telecom market. Vodafone has brought its ex-India unit chief Marten Pieters to work on the proposed merger.
Bharti Airtel and Idea Cellular shares were in high demand during Thursday's session. 12.3 lakh Bharti Airtel shares and 35 lakh Idea Cellular scrips had changed hands by late morning, compared with averages of 1.85 lakh and 17.27 lakh in the past two weeks, respectively.
Most telecom stocks finished Thursday's session with gains, with Bharti Airtel settling 1.36 per cent higher, Idea Cellular up 6.4 per cent, RCom up 3.22 per cent, Tata Teleservices Maharashtra up 2.65 per cent, and Shyam Telecom up 2.8 per cent on the Bombay Stock Exchange or BSE, outperforming its benchmark index Sensex, 0.10 per cent or 28 per cent higher.
Bharti Airtel and Idea Cellular stocks soared amid high volumes on Thursday as telecom shares were in focus after India's largest telecom operator announced agreement to buy Telenor India. Bharti Airtel surged as much as 11 per cent to touch a fresh 52-week high of Rs 400.65. Idea Cellular shares also jumped 8.5 per cent to a session high of Rs 122. Analysts say consolidation in the country's telecom sector to counter aggressive competition triggered by Jio's entry is positive for the stocks.
Bharti Airtel said that the deal with Telenor will boost its spectrum footprint with the addition of 43.4 MHz spectrum in the 1800 MHz band. As part of the deal, Airtel will acquire Telenor India's operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. (Read: Airtel to buy Telenor India as Norwegian telecom operator exits)
Last week, news agency Press Trust of India had said citing sources that Vodafone and Aditya Birla group firm Idea Cellular are likely to finalise within a month their mega merger deal.
British mobile phone giant Vodafone had late last month confirmed talks to merge its Indian unit - Vodafone India - with Idea, ending months of speculation that the two operators were exploring a deal to help fend off Reliance Jio in India's highly competitive telecom market. Vodafone has brought its ex-India unit chief Marten Pieters to work on the proposed merger.
Bharti Airtel and Idea Cellular shares were in high demand during Thursday's session. 12.3 lakh Bharti Airtel shares and 35 lakh Idea Cellular scrips had changed hands by late morning, compared with averages of 1.85 lakh and 17.27 lakh in the past two weeks, respectively.
Most telecom stocks finished Thursday's session with gains, with Bharti Airtel settling 1.36 per cent higher, Idea Cellular up 6.4 per cent, RCom up 3.22 per cent, Tata Teleservices Maharashtra up 2.65 per cent, and Shyam Telecom up 2.8 per cent on the Bombay Stock Exchange or BSE, outperforming its benchmark index Sensex, 0.10 per cent or 28 per cent higher.
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