Idea Cellular falls after Delhi High Court ruling

Idea Cellular lost 0.85% to Rs 110.40 at 15:28 IST on BSE after the Delhi High Court today, 12 April 2013, asked the telecom company not to add new customers for 3G roaming services in circles where it does not have licence.

Meanwhile, the S&P BSE Sensex was down 290.95 points or 1.57% at 18,251.25.

On BSE, 1.36 lakh shares were traded in the counter as against average daily volume of 5.09 lakh shares in the past one quarter.

The stock hit a high of Rs 111.30 and a low of Rs 108.80 so far during the day. The stock had hit a 52-week high of Rs 124 on 16 January 2013. The stock had hit a 52-week low of Rs 71.20 on 24 April 2012.

The stock had outperformed the market over the past one month till 11 April 2013, falling 5.44% compared with the Sensex's 5.62% fall. The scrip had also outperformed the market in past one quarter, advancing 1.09% as against Sensex's 5.7% fall.

The large-cap company has equity capital of Rs 3314.32 crore. Face value per share is Rs 10.

The Delhi High Court today, 12 April 2013, asked Idea Cellular and the unlisted Vodafone not to provide high speed internet services to customers in circles where they did not win 3G spectrum during the 2010 auction. The Delhi High Court will next hear these telecom companies plea in the 3G intra-circle roaming pact case on 15 July 2013.

However, the high court has asked the Centre not to take coercive steps against Idea and Vodafone which have been asked to pay penalty of Rs 300 crore and Rs 550 crore respectively for providing 3G services outside their circles without requisite licences.

Idea Cellular's consolidated net profit rose 13.7% to Rs 228.57 crore on 11% growth in net sales to Rs 5572.16 crore in Q3 December 2012 over Q3 December 2011.

Idea Cellular is India's 3rd largest mobile operator, with over 117 million subscribers.

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