Telecom stocks trade in green ahead of SC hearing; Vodafone Idea jumps 12%; RCom, MTNL, Airtel gain

Date - 20/7/2020 - 10:10 AM

Source - Moneycontrol

Vodafone Idea surged over 12 percent followed by Reliance Communications, MTNL, Bharti Airtel and Tata Teleservices.

Telecom stocks are trading on a positive note led by Vodafone Idea which surged over 12 percent after the battered telecom firm said it paid another Rs 1,000 crore to the government towards the statutory dues, taking its total payment to an aggregate Rs 7,854 crore. The telco said in an exchange filing that it had earlier deposited Rs 6,854 crore in three tranches.

With this, the company has paid an aggregate amount of Rs 7,854 crore towards the Adjusted Gross Revenue (AGR) dues, it added.

Share price of Bharti Airtel and Tata Teleservices gained a percent each while that of Reliance Communications and MTNL jumped 4 percent each.

Vodafone Idea share was the most active on NSE in terms of volumes with 18,74,17,430 shares being traded at 09:33 hours.

The Supreme Court had, in the June 18 hearing on the AGR matter, said that private telecom players including Vodafone Idea must outline a reasonable plan and make some payment to "show their bonafide". It also directed telecom companies to provide details with respect to key points like the roadmap for payments in terms of the period required to repay AGR dues; timeline of payment, and security they can provide to guarantee payment.

For Bharti Airtel, the AGR dues as per DoT is Rs 35,500 crore whereas it is Rs 13,000 crore as per the company's self assessment. So far, it has paid Rs 18,800 crore. As per DoT, it still has to pay Rs 17,500 crore.

For Vodafone Idea, DoT claims that the remaining payable is Rs 53,000 crore while the company claims it is Rs 21,500 crore. So far, the company has paid Rs 6,900 crore. As per DoT, it still has to pay Rs 46,100 crore.

The Supreme Court hearing in the telecom AGR dues case is scheduled for July 22.

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