Idea Cellular extends Monday's gains

Idea Cellular rose 1.73% to Rs 138.40 at 12:03 IST on BSE, with the stock extending Monday's gains triggered by RBI allowing hike in FII investment ceiling to 49% from earlier 24% of the paid-up capital of the company.

Meanwhile, the S&P BSE Sensex was down 27.23 points or 0.11% at 25,163.25.

On BSE, so far 3.77 lakh shares were traded in the counter as against average daily volume of 6.15 lakh shares in the past one quarter.

The stock hit a high of Rs 139.45 and a low of Rs 136.55 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 125.10 on 28 February 2014.

The stock had underperformed the market over the past one month till 16 June 2014, sliding 4.69% compared with the Sensex's 4.43% rise. The scrip had also underperformed the market in past one quarter, declining 0.26% as against Sensex's 15.5% rise.

The large-cap company has equity capital of Rs 3543.94 crore. Face value per share is Rs 10.

Shares of Idea Cellular have risen 2.66% in two trading sessions from a recent low of Rs 135.10 on Friday, 13 June 2014, after RBI notified hike in FII investment ceiling to 49% from earlier 24% of the paid-up capital of the company. The stock had risen 0.7% to settle at Rs 136.05 on Monday, 16 June 2014.

The RBI on Friday, 13 June 2014, notified that foreign institutional investors (FIIs), through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of Idea Cellular under the portfolio investment scheme (PIS). The FII investment ceiling in the company's shares has been raised from earlier 24% after the company's board of director and shareholders approved the proposal for raising FII investment ceiling, the RBI said. Total holding of FIIs in Idea Cellular stood at 21.57% as per the shareholding pattern as on 11 June 2014.

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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