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.

Telecom stocks witnessed a sharp upsurge in early morning trade on November 26, amid reports that the Union Cabinet approved the waiving of bank guarantees for telecom operators. Vodafone Idea shares jumped 15% while MTNL stock gained 9%.

Telecom stocks such as Vodafone Idea, Indus Towers and MTNL surged in early trade on Tuesday, following reports citing that the Union Cabinet approved waiver of bank guarantees for telecom operators on spectrum purchased before 2022.

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.