Idea Cellular jumps on buzz FTSE hikes weightage

Idea Cellular rose 5.03% to Rs 176.50 at 12:46 IST on BSE after index provider FTSE reportedly raised the weightage of the stock in its indexes.

Meanwhile, the BSE Sensex was up 61.51 points, or 0.23%, to 27,173.72.

On BSE, so far 4.12 lakh shares were traded in the counter, compared with an average volume of 22.54 lakh shares in the past one quarter.

The stock hit a high of Rs 177 and a low of Rs 168.85 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 outperformed the market over the past one month till 18 September 2014, rising 4.54% compared with 2.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.27% as against Sensex's 7.39% rise.

The large-cap company has an equity capital of Rs 3596.44 crore. Face value per share is Rs 10.

According to reports, FTSE raised Idea Cellular's investability weighting in its indexes to 40% from 24%. Changes will be effective on 22 September 2014.

An inclusion in global benchmark indices such as FTSE prompts buying from passive trackers of the FTSE indices.

FTSE, which is a part of the London Stock Exchange Group, is a world-leader in providing global index and analytical solutions. FTSE indices are used extensively by a range of investors such as consultants, asset owners, fund managers, investment banks, stock exchanges and brokers.

Idea Cellular's consolidated net profit surged 57.4% to Rs 728.20 crore on 15.6% growth in total income to Rs 7560.99 crore in Q1 June 2014 over Q1 June 2013.

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

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