Telecom stocks like Vodafone Idea, Indus Tower zoom up 14% after Cabinet approves waiving off bank guarantees

Shares of Vodafone Idea (VIL) rallied over 14% in Tuesday’s trade, hitting a high of Rs 8 per share, after the Union Cabinet approved waiving bank guarantees (BG) required for telecom operators to secure spectrum purchases up to 2022. The announcement also gave a modest boost to Bharti Airtel, which saw its shares rise by 1% to hit intra-day high of Rs 1604.75.