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 said that it is yet to receive any communication from the Department of Telecommunications (DoT) or the government about any decision taken with regards to reports of bank guarantees.

Vodafone Idea shares jumped nearly 8% after the Indian government waived the requirement for bank guarantees on spectrum purchased before 2022, providing relief to the debt-ridden company.

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.

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.