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    Union Budget 2022: FM says 5G to be rolled out in FY23; here's how telecom shares fared

    Union Budget 2022: FM says 5G to be rolled out in FY23; here's how telecom shares fared

    Union Budget 2022: FM says 5G to be rolled out in FY23; here's how telecom shares fared
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    By CNBCTV18.com  IST (Updated)

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    Telecom stocks were in focus on February 1 after Finance Minister Nirmala Sitharaman announced in her Union Budget speech that 5G mobile services will be rolled out in 2022-23.

    Union Budget 2022: Telecom stocks were in focus on Tuesday, February 1 after Finance Minister Nirmala Sitharaman announced that 5G mobile services will be rolled out in the financial year 2022-23.
    In her Union Budget speech, the Finance Minister said the required spectrum auction for the 5G rollout will be carried out in FY22-23.
    The Budget announcements for the sector come at a time when telecom operators are gearing up for the latest generation of wireless networks. The country's 5G ambitions have been buffeted by delays in the auction of airwaves that support the technology.
    Bharti Airtel shares ended 0.9 percent lower after the Budget announcements, and Vodafone Idea declined 0.1 percent.
    The S&P BSE Telecom index closed 0.3 percent lower. Among its constituents, Tata Teleservices Maharashtra, RailTel Corp and GTPL Hathway fell around 1-5 percent each.
    On the other hand, Indus Tower, HFCL, Tata Communications, Sterlite Tech, Tejas Networks, Route Mobile and ITI rose 1-5 percent.
    The Finance Minister, also as part of her Budget speech, said the contracts for laying optical fibres via public-private partnership (PPP) mode will be awarded in the year ending March 2023.

    India is the world's second-biggest telecommunication market with more than one billion subscribers.

    For all the latest updates on Union Budget 2022, follow our LIVE blog here
    For full coverage of Union Budget 2022, click here
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