EGoM meet on spectrum to sway scrips

Watch out for the stocks of Idea Cellular, Bharti Airtel and Tata Teleservices. Telecom stocks this week will take cues from the meeting of the Empowered Group of Ministers on spectrum. A PTI report quoting sources said that EGoM is likely to meet on Wednesday to discuss key issue of spectrum price. Last week, the Ministerial panel, headed by the Home Minister, Mr P. Chidambaram, gave approval for the mortgage of spectrum by telecom companies to secure funds from banks. The EGoM meet is expected take a call on rollout obligations norms for the auctioned spectrum in its next meet. The Government is already running against time to meet the August 31 deadline set by the Supreme Court for auction of spectrum vacated from cancellation of 122 licences issued in 2008.