Vodafone Idea, Bharti Airtel shares continue to rally for fourth consecutive session

New Delhi: Shares of Vodafone Idea and Bharti Airtel remained in heavy demand on Wednesday, with the former surging up to 32 percent, after announcing a hike in a mobile phone call and data charges from December. Vodafone Idea shares zoomed 31.72 percent to Rs 7.93 on the BSE. This is the fourth consecutive day of the rise in Vodafone Idea shares. During this time, the scrip has more than doubled. [caption id="attachment_7053111" align="alignleft" width="380"]

Representative image. Reuters[/caption]Bharti Airtel also rose 3.11 percent to hit its 52-week high of Rs 452.95, registering its fourth consecutive day of gain. In four days, the stock has gained 24.90 percent. Faced with intense competition and unprecedented statutory dues, Bharti Airtel and Vodafone Idea on Monday announced a hike in a mobile phone call and data charges from December saying the increase was warranted for the viability of their business. "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 Idea had said. The telecom sector is highly capital-intensive with fast-changing technology cycles that require continuing investments, Bharti Airtel said. "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.