Idea Cellular extends Friday's gains

Idea Cellular rose 4.33% to Rs 146.90 at 15:19 IST on BSE, with the stock extending Friday's gains triggered by the company's announcement that it intends to raise up to Rs 3000 crore from QIP.

Meanwhile, the S&P BSE Sensex was up 170.17 points or 0.67% at 25,566.63.

On BSE, so far 15.25 lakh shares were traded in the counter, compared with an average volume of 5.65 lakh shares in the past one quarter.

The stock hit a high of Rs 147.35 and a low of Rs 141.70 so far during the day. The stock hit a record high of Rs 188.35 on 15 October 2013. The stock hit a 52-week low of Rs 124.40 on 10 June 2013.

The stock had underperformed the market over the past one month till 6 June 2014, surging 7.73% compared with the Sensex's 12.83% rise. The scrip had also underperformed the market in past one quarter, jumping 6.55% as against Sensex's 18.05% rise.

The large-cap company has equity capital of Rs 3320.06 crore. Face value per share is Rs 10.

Shares of Idea Cellular have risen 7.73% in two trading sessions from Rs 136.35 on 5 June 2014 after the company after market hours on 5 June 2014, said that it intends to raise up to Rs 3000 crore from qualified institutional placement (QIP) of shares. The stock had risen 3.26% to settle at Rs 140.80 on Friday, 6 June 2014.

Idea Cellular said that the Securities Allotment Committee of the board of directors of the company has decided to open bidding for issue of shares under QIP. The company intends to raise up to Rs 3000 crore from the issue. The floor price for the QIP issue has been fixed at Rs 136.98 per share.

Idea Cellular's consolidated net profit surged 91.4% to Rs 589.77 crore on 15.7% growth in net sales to Rs 6974.72 crore in Q4 March 2014 over Q4 March 2013.

Idea Cellular is the third largest wireless operator in India. It is part of Aditya Birla Group.

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