Vodafone Concept, Bharti Airtel shares zoom to 30% after telcos announce hike in cell phone name, information expenses from December
New Delhi: Shares of Vodafone Concept and Bharti Airtel on Tuesday jumped as much as 30 % after each the companies announced a hike in a mobile phone call and data charges from December.
Vodafone Concept zoomed 29.75 % to Rs 5.80 on the BSE.
Bharti Airtel jumped 6.31 % to Rs 435 – its 52-week excessive.
Confronted with intense competitors and unprecedented statutory dues, Bharti Airtel and Vodafone Concept on Monday introduced a hike in a cell phone name and information expenses from December saying the rise was warranted for the viability of their enterprise.
First, Vodafone Concept in an announcement introduced plans to boost tariffs for the primary time in three years solely to be adopted by a equally worded assertion minutes later from Airtel.
The 2 didn’t quantify the rise in charges, however mentioned that the hike will likely be efficient starting subsequent month.
“To ensure that its customers continue to enjoy world-class digital experiences, Vodafone Idea will suitably increase the prices of its tariffs effective 1 December, 2019,” Vodafone Concept mentioned.
The telecom sector is extremely capital intensive with fast-changing expertise cycles that require persevering with investments, Bharti Airtel mentioned.
“It is, therefore, extremely important that the industry remains viable to support the vision of Digital India. Accordingly, Airtel will appropriately increase price offerings in the month beginning December,” it added.
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