He further added that the AGR and spectrum payments added to companies debt burden and that he expectes that the burden on the telecom industry will come down.

“At Rs 150-160 as ARPU per month, it would additionally contribute to around Rs 18,000-20,000 crore worth of revenue and at 50% EBITDA, it should have the potential of contributing around Rs 9,000-10,000 crore of EBITDA.”

The NSE Nifty index closed 225.85 points up at 16931.05

In the international market, gold was trading lower at $1,814 per ounce and silver was flat at $23.99 per ounce.

The development comes amid reports that Sebi has constituted an expert panel to look into moving the settlement cycle in the securities market from T+2 to T+1 to enhance market liquidity.

On the Multi Commodity Exchange, copper contracts for delivery in September traded higher by Rs 4.25, or 0.59 per cent, to Rs 723.25 per kg in a business turnover of 4,190 lots.

“There was enough talk from the competition that Raymond has never done real estate before and they cannot deliver. I put out a few Instagram posts silencing my critics.”

Equity investors grew richer by Rs 3.58 lakh crore as the total market cap of BSE-listed companies climbed to Rs 247.32 lakh crore.

The stock quoted a 52-week high of Rs 600.9 and a 52-week low of Rs 215.6.

Shares of Fortescue Metals Group were among the biggest gainers on the benchmark, ending nearly 7% higher, after the mining heavyweight reported its highest-ever annual profit and dividend.