Idea Cellular extends rally post TDSAT verdict
The stock rallied 12% in past two days, compared to 0.32% rise in the benchmark Sensex
Idea Cellular has soared 6% to Rs 86.60, extending its Tuesday’s 5.4% rally on reports that the company along with other GSM operators, Bharti Airtel and Vodafone said that they will continue to offer third generation services on a pan-India basis, after the Telecom Disputes Settlement Appellate Tribunal (TDSAT) reported a split verdict on the 3G roaming case.
The Department of Telecommunications (DoT) had ruled such pacts illegal in December 2011 and asked the operators to stop offering 3G services beyond their licensed circles through roaming agreements. The operators had filed a petition challenging the DoT’s verdict.
Meanwhile, Aditya Birla Group telecom services provider has reduced its call rates and offered a call rate of 10 paise/minute to its subscribers in UP-West and Uttarakhand circle to further strengthen its leadership position in the circle.
The stock opened at Rs 82.50 and hit a high of Rs 86.70 on the Bombay Stock Exchange. A combined 5.23 million shares have changed hands on the counter so far on both the exchanges.