Videocon trims most of early gains, ends over 1% higher

Trimming most of its sharp early gains on profit-booking, shares of Videocon Industries finally ended up over 1 per cent, a day when Bharti Airtel said it will acquire Videocon Telecoms' spectrum in six circles in the 1800 MHz band for Rs 4,428 crore.
After surging 17 per cent to Rs 128 in intra-day, shares of Videocon finally ended at Rs 110.85, up 1.33 per cent on BSE.
Shares of Bharti Airtel rose by 0.56 per cent to end at Rs 341.55.
"Bharti Airtel has entered into a definitive agreement with Videocon Telecommunications Ltd (VTL) to acquire, at an aggregate consideration of Rs 4,428 crore, rights to use 2x5 MHz spectrum in 1800 MHz band for six circles," the company said in a BSE filing.

Yesterday, Idea Cellular and Videocon Telecommunications had mutually agreed to call off their Rs 3,310-crore spectrum deal for two telecom circles.
Idea in November had announced to buy airwaves held by Videocon in these two circles for Rs 3,310 crore, which was billed as the first spectrum trading deal of the country.