BSE Telecom Hits New High; Vodafone Leads The Rally

The S&P BSE Telecom is intended to offer investors with a benchmark that reflects companies that are classified as members of the telecom sector and are included in the S&P BSE AllCap.

The BSE Telecom index has risen to 1,796.77, a new 52-week high. HFCL was the index's biggest loser, falling 2.5 percent, followed by Tejas Networks, which fell 1.5 percent. Sterlite Tech and ITI both dropped about 1%.

After the government proposed big reforms for the telecom sector, the majority of telecom stocks were on a tear during Thursday's trading session.

Vodafone Idea and the newly established Indus Towers were on a shopping spree, praising the new policies that are intended to bolster the industry.

The Union Cabinet adopted a slew of structural and process reforms in the telecommunications sector on Wednesday. These steps are meant to protect and create jobs, foster healthy competition, defend consumer interests, inject liquidity, boost investment, and lessen the regulatory burden on telecom service providers (TSPs).

Nine structural improvements and five procedural amendments were adopted, as well as relief measures for telecom service providers.

The Cabinet had stated that the Reform measures will further boost the proliferation and penetration of broadband and telecom connectivity in light of the Telecom Sector's outstanding performance in meeting COVID-19 challenges, with a huge surge in data consumption, online education, work from home, interpersonal connect through social media, virtual meetings, and so on.

The top gainer so far today has been Vodafone Idea, which has risen by at least 19.5 percent. The stock, on the other hand, has gained about 18% since its low point.

Indus Towers was next on the index, with a gain of more than 12%. OnMobile and Reliance Communications both increased by about 6% and 4%, respectively. MTNL increased by more than 2%.