Vodafone Idea shares climbed 10 per cent to hit a high of Rs 7.67. Despite this, the stock is down 7 per cent in the past one month.

Vodafone Idea's shares jumped nearly 8% after reports indicated the Union Cabinet waived bank guarantees for spectrum bought before 2022. This decision alleviates financial strain on telecom operators like Vodafone Idea,

Shares of Vodafone Idea zoomed over 18% to hit an intraday high of Rs 8.28 per share on the NSE. The telecom stock broke out from a downward sloping resistance trendline and recorded its biggest single-session gain in over 10 months,

Today's sharp upmove in VIL shares came after it was reported the Union Cabinet approved a proposal to waive the bank guarantees (BG) that telecom operators were required to provide for spectrum purchases up to 2022.

Telecom stocks such as Vodafone Idea, Indus Towers and MTNL surged in early trade on Tuesday, following reports citing that the Union Cabinet approved waiver of bank guarantees for telecom operators on spectrum purchased before 2022.

Despite the flat session of the Indian stock market, the Vodafone Idea shares experienced a significant intraday gain. While writing the article, the shares are trading with a 15 per cent jump. Other telecom stocks also saw a rise in the early trade today.

An announcement from the Department of Telecommunications (DoT) to provide relief to telecom operators resulted in a surge for telecom sector stocks.

Vodafone Idea is expected to submit BGs totaling to Rs 24,600 crore, while Reliance Jio’s annual BG requirement from previous auctions is at Rs 4,000 crore, while Airtel’s is Rs 3,000 crore.