Bharti Airtel soars 9% as govt fails to get bid for spectrum auction - NDTV

The content may have been removed, or is temporarily unavailable. We apologize for the inconvenience. Please try again later. Telecom stocks jumped sharply on Tuesday after the Department of Telecom said it has not received applications for GSM spectrum auctions in 1800MHz and 900MHz bands. The deadline for submitting applications was Monday. Shares in Bharti Airtel surged as much as 9 per cent in early trade. The stock traded 5 per cent higher at Rs 322.60 as of 09.16 a.m. Idea Cellular shares were up 4 per cent at Rs 118. Lack of interest in the auction suggests that reserve prices may witness a sharp fall, analysts said. Earlier, the government was forced to cut prices in four circles, where bidding was poor. Goldman Sachs says absence of bidders is positive for Bharti and Idea as this will likely reduce their regulatory payments in future. The investment bank maintains a "buy" on Bharti and Idea with a target of Rs 380 and Rs 126 respectively. Maintaining its "buy" call on Bharti and Idea, Macquarie said it expects the incumbents to benefit from emerging trends. Deutsche Bank said it remains positive on Indian telecom companies. Policy risk is over-estimated by investors. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNF_tiyPEkicTNg7ve39oKb7gJ9b1A&url=http://profit.ndtv.com/news/market/article-bharti-airtel-soars-9-as-govt-fails-to-get-bid-for-spectrum-auction-318524

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