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.

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,

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 plans to raise ₹35,000 crore will likely get a boost after the Union Cabinet decided to waive bank guarantees to be submitted for airwaves bought in auctions till 2022.

Vodafone Idea's shares surged 18% after the Indian government waived bank guarantees for past spectrum purchases. This move significantly benefits Vi, which faced a Rs 24,700 crore bank guarantee burden.

This decision follows the 2021 Cabinet reforms, which had already removed the BG requirement for spectrum purchased going forward