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Shares of Reliance Communication surged 15 per cent and were headed towards its biggest daily gain since July 2011 after Cabinet approved telecom spectrum trading.
Analysts said spectrum trading approval will pave way for company's 850 mhz spectrum to be sold to Reliance Industries telecom unit, Reliance Jio
A Reliance Communication spokesman did not immediately offer comments.
A Reliance Jio spokesman was not immediately available for comment
Spectrum trading approval also opens up additional source of revenues for other telecom companies
Idea Cellular gained 5 per cent, Bharti Airtel was up 3.2 per cent while Tata Communications was up 5.1 per cent.
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