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  1. Idea Cellular clarifies on merger reports with Vodafone; shares fall

Idea Cellular clarifies on merger reports with Vodafone; shares fall

Idea Cellular shares, which gained over 7 per cent on Tuesday, slipped over 3 per cent in the early trade on Wednesday (Reuters)

By: | Updated: August 24, 2016 5:07 PM
idea cellular shares vodafone Idea Cellular shares, which gained over 7 per cent on Tuesday, slipped over 3 per cent in the early trade on Wednesday (Reuters)

Idea Cellular shares, which gained over 7 per cent on Tuesday, slipped over 3 per cent in the early trade on Wednesday after the company clarified that the news regarding the merger of the telecom company with Vodafone is absolutely untrue and preposterous. At 9.28 am, shares of Idea Cellular were trading 3.37 per cent down at Rs 97.40. The scrip opened at Rs 98.95 and has touched a high and low of Rs 98.95 and Rs 97, respectively, in trade so far. Later, the scrip closed 2.58 per cent down at Rs 98.20.

Shares of the company gained 7.68 per cent on Tuesday after CNBC TV18 reported that Idea Cellular is looking options and is in talks for a possible merger with Vodafone.

For the quarter ended June 30, 2016, Idea Cellular reported a consolidated net profit of Rs 220.42 crore, down 74.21 per cent, against Rs 854.81 crore in the corresponding quarter a year ago. Gross sales of the company jumped by 7.90 per cent year-on-year to Rs 9483.93 crore for the quarter under review against Rs 8789.78 crore in the same quarter last year. Operating profit of the company jumped marginally by 1.39 per cent year-on-year to Rs 3140.04 crore against Rs 3096.87 crore in the same quarter last year.

In the past one year, shares of the company plunged by 31.38 per cent to Rs 100.80 till August 23, whereas BSE Sensex gained 8.74 per cent during the same period.

Idea Cellular has added 2.56 lakh new mobile subscribers in July, 2016. Following the addition, the company’s total subscriber count stood at 17.64 crore with a market share of 22.65 per cent.

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