Idea Cellular advances after getting RBI nod for payments bank

Idea Cellular gained 2.18% to Rs 86.80 at 14:00 IST on BSE after the company said that the Reserve Bank of India has granted license to Aditya Birla Idea Payments Bank on 3 April 2017 to carry on the business of Payments Bank in India.

The announcement was made during market hours today, 5 April 2017.

Meanwhile, the S&P Sensex was up 24.49 points or 0.08% at 29,934.71.

On the BSE, 12.86 lakh shares were traded on the counter so far as against the average daily volumes of 60.72 lakh shares in the past one quarter. The stock had hit a high of Rs 87.80 and a low of Rs 85.05 so far during the day.

The stock had hit a 52-week high of Rs 128.05 on 28 April 2016 and a 52-week low of Rs 66 on 9 November 2016. The stock had underperformed the market over the past one month till 3 April 2017, dropping 23.19% compared with the Sensex's 3.74% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 15.66% as against the Sensex's 12.26% rise.

The large-cap company has equity capital of Rs 3605.33 crore. Face value per share is Rs 10.

Idea Cellular is holding 49% of the equity capital in Aditya Birla Idea Payments Bank (ABIPBL) and balance 51% of the equity capital is held by Aditya Birla Nuvo.

Shares of Aditya Birla Nuvo gained 1.99% to Rs 1,549.10.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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