Telecom stocks gained after the Telecom Commission on Thursday suggested that 10 MHz of spectrum in each circle should be auctioned against Trai's proposal for 5 MHz.
Bharti Airtel gained 0.8%, extending Thursday's 5.6% gain after it signed a pact to buy a 49% stake in Qualcomm Inc's fourth generation (4G) broadband venture in the country for $165 million.
Idea Cellular, Reliance Communications shares rose 1.3 and 1.9% respectively
"The stake helps Bharti get a much needed footprint in the lucrative Mumbai/Delhi circles as it looks to compete against RIL," Citi said in a note, referring to Reliance Industries.
Now all eyes are set on Telecom Commission’s next meeting on Saturday when it is expected to take a decision on the reserve price for auction. The regulator had proposed Rs 18,000 crore for 5 MHz chunk of spectrum, but a DoT committee further suggested an increase of 17 per cent. The inter-ministerial panel deferred the decision for Saturday. The issue will be dealt with separately.