HomeMarket NewsStocks NewsTelecom stocks surge ahead of the AGR hearing in SC today; Vodafone Idea's shares rally 9%

Telecom stocks surge ahead of the AGR hearing in SC today; Vodafone Idea's shares rally 9%

Telecom stocks are on the rise on Monday ahead of the Supreme Court's hearing on the adjusted gross revenue (AGR) case, at 2 PM. Vodafone Idea's shares gained as much as 9 percent to Rs 9.70 per share on the NSE. Meanwhile, Bharti Airtel and Bharti Infratel rose 1.54 percent and 5 percent respectively, intraday. On July 18, Vodafone Idea paid additional Rs 1,000 crore to the government towards the statutory dues.

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By CNBCTV18.com July 20, 2020, 1:41:12 PM IST (Published)

Telecom stocks surge ahead of the AGR hearing in SC today; Vodafone Idea's shares rally 9%
Telecom stocks are on the rise on Monday ahead of the Supreme Court's hearing on the adjusted gross revenue (AGR) case, at 2 PM.


Vodafone Idea's shares gained as much as 9 percent to Rs 9.70 per share on the NSE. Meanwhile, Bharti Airtel and Bharti Infratel rose 1.54 percent and 5 percent respectively, intraday. Reliance Communications' stock price hit a 52- week high by surging over 4 percent to Rs 2.50.

On July 18, Vodafone Idea paid an additional Rs 1,000 crore to the government towards the statutory dues, taking its total payment to an aggregate Rs 7,854 crore. The company had earlier deposited Rs 6,854 crore in three tranches, said the company's regulatory filing.

The apex court on June 18 had adjourned the case, asking Vodafone Idea, Bharti Airtel and Tata Teleservice to submit financial statements and books of accounts of the last 10 years. Bharti Airtel owes a sum of about Rs 44,000 crore whereas Vodafone Idea owes a sum of about Rs 58,000 crore.

June 18 AGR Case Highlights: DoT gets more time to consider telcos' proposals; demand on PSUs withdrawn

For Bharti Airtel, the AGR dues as per DoT (Department of Telecom) are Rs 35,500 crore whereas it is Rs 13,000 crore as per the company's self-assessment. So far, it has paid Rs 18,800 crore. As per DoT, it still has to pay Rs 17,500 crore.

For Vodafone Idea, DoT claims that the remaining payable is Rs 53,000 crore while the company claims it is Rs 21,500 crore. So far, the company has paid Rs 6,900 crore. As per DoT, it still has to pay Rs 46,100 crore.
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