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.

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,

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%.

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 is expected to be one of the key beneficiaries as the company was required to submit a total of Rs 24,700 crore in BGs, ICICI Securities said in a note.

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.