Telecom stocks gain ahead of AGR review plea in SC

Telecom stocks gain ahead of AGR review plea in SC

Shares of Telecom index gained in the morning trade on Thursday’s session amid hopes of relief from the Supreme Court against an earlier verdict on adjusted gross revenue (AGR).

Supreme Court has listed the limited review petitions by telecom companies against the AGR verdict, which widened the definition of AGR to include non-core revenue, leaving telcos and even non-telcos facing hefty statutory dues of more than Rs4.45 lakhs, as per media reports.

Shares of Bharti Airtel and Vodafone Idea among top contributor to the index gain, followed by MTNL, RCom, and GLT Infra.

Shares of MTNL and RCom jumped 5% each, GTL Infra, On Mobile Vodafone Idea, Tejas Network and Bharti Airtel was up in the range of 1-2%, respectively.

However, shares of Sterlite Technologies fell 5% after its Q3FY20 results. The company reported a net profit of Rs91cr (excluding exceptional items) for its quarter ended December 2019. The company posted a net profit of Rs146cr in the year-ago period. Its consolidated revenue stood at Rs1,203cr during the said quarter vs. Rs1,335cr in the corresponding quarter of FY20.
Meanwhile, Sensex is 25 points and the Nifty added 3 points in the morning session.

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