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,

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.