Shares of telecom companies surged on Tuesday with the likes of Bharti Airtel and Tejas Networks hitting lifetime high levels. Vodafone Idea also jumped nearly 12% as a successful secondary share sale by the cash-strapped telco raised hopes of its revival.
Tejas Networks was the top gainer, registering robust gains for the second session following strong earnings. With this, the stock has soared 40% in two days and hit a lifetime high of Rs 1,086.90. Meanwhile, BSE revised down the price band for Tejas Networks to 10%.
Bharti Airtel’s shares also jumped nearly 4% on Tuesday to hit its lifetime high of Rs 1,350.90.
With most of its constituents ending higher, BSE Telecom jumped 4.3%, registering its biggest single-day gain in three years. It has outperformed the Sensex so far this year by a wide margin, rising nearly 21% against more than 2% gains by Sensex. Similarly, in the last three years, the BSE Telecom has more than doubled, while the Sensex has risen 54%.
