Idea Cellular, Bharti Airtel, Reliance Comm shares recover after SC order on call drop
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Telecom stocks such Idea Cellular, Bharti Airtel and Reliance Communications pared their initial losses after the Supreme Court quashed a TRAI order on compensating consumers for call drop.
The apex court said that TRAI recommendation making it mandatory for telecos to compensate subscribers for call drop is arbitrary, unreasonable and non-transparent.
Shares of Idea Cellular which fell over 2 per cent in the early trade were trading 1.42 per cent higher at Rs 114.50 (at 10.52 am). The scrip opened at Rs 112 and touched a high and low of Rs 117.40 and Rs 110.40, respectively, in trade so far.
Similarly Bharti Airtel and Reliance Communications also recovered after the announcement. Bharti Airtel and Reliance Communication were trading 0.26 per cent and 1.62 per cent up at Rs 369.80 and Rs 56.50, respectively.
The BSE Sensex was trading 78.77 points, or 0.31 per cent down at 25,693.76 at the same time.
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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