Telecom shares were also up after a report by news agency Press Trust of India citing sources on Sunday said the merger between Vodafone and Aditya Birla group company Idea Cellular was likely to finalised within a month. Idea Cellular rose as much as 5.5 per cent to an intraday high of Rs 111.85.
Analysts say that the Indian telecom sector is likely to witness consolidation to counter competition due to the aggressive entry of Reliance Jio. (Also read: 'Telecom industry lost 20% revenue due to Jio giveaways')
British mobile phone giant Vodafone late last month confirmed it was in talks to merge its Indian unit - Vodafone India - with Idea Cellular in a move that would create India's largest telecom company. The announcement ended months of speculation that the two operators were exploring a deal.
Also, shares in Bharti Airtel - India's largest telecom operator - rose as much as 2.6 per cent during the day.
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