Telecom shares gain after govt relaxes FDI cap rules

Last Updated: Wed, Jul 17, 2013 05:32 hrs

Shares in India's mobile operators such as Reliance Communications Ltd gained on Wednesday, a day after India approved raising the foreign investment limit in the sector to 100 percent from the current 74 percent.

India approved the relaxation of foreign direct investment (FDI) rules on Tuesday in a broad swathe of industries in a bid to lure capital inflows, prop up a sliding currency and rev up growth.

Reliance Comm gained 2.9 percent, Idea Cellular Ltd rose 2.4 percent, while Bharti Airtel Ltd rose 1.5 percent.

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