Idea shares gain 2.5% on merger buzz

Shares of Idea Cellular rose by 2.5 per cent today following reports that UK's Vodafone and the Aditya Birla group firm are likely to finalise the mega merger deal within a month.
The stock gained 2.55 per cent to end at Rs 108.70 on BSE. During the day, it rose by 5.51 per cent to Rs 111.85.
At NSE, shares of the company went up by 2.4 per cent to close at Rs 108.45.
On the volume front, 20.25 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

"The companies are likely to announce a definitive signing agreement by February 24-25," a source said.
"They are almost ready to sign the agreement and should not take more than a month to announce it," according to another source.

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Shares of Idea Cellular tumbled nearly 15 per cent after the company approved its amalgamation with Vodafone India and Vodafone Mobile Services.
Despite a positive opening, shares of the company failed to take forward the rally and tanked 14.73 per cent to Rs 92 as the trade further progressed on BSE.
At NSE, shares of the company plunged 14.56 per cent to Rs 92.35.

Idea Cellular today approved its amalgamation with Vodafone India and Vodafone Mobile Services, a move that will create the country's biggest telecom services provider with a customer base of over 394 million.
The transaction is subject to necessary approvals from concerned authorities, including SEBI, Department of Telecom, RBI etc.