Idea Cellular

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From Sun Pharma posting loss in Q4 to Vodafone-Idea engaging in talks to raise funds, here are the top headlines on Tuesday morning

Bharti Airtel needs to overcome its resistance at Rs 780 for further upside; MTNL, Voda Idea can zoom up to 30%

The merger proposes to create a company with over 163,000 towers having received clearance from the Chandigarh Bench of the National Company Law Tribunal in June, this year

Vodafone Idea now has a m-cap of Rs 19,454 crore against Rs 39.942 crore at end of last month

Idea, which will soon be merged with Vodafone India, has seen deterioration in revenues, operating profit, margins and average revenue per user

Idea registered a capex of Rs 9.8 billion in 1Q19, which is negligible compared Rs 78.7 billion incurred by Airtel and Rs 175 billion by Jio during the same period

Idea Cellular has surged 16% to Rs 61.10 on back of heavy volumes after the company and Vodafone deposited a total Rs 72 billion over the spectrum charge demand made by the DoT.

Both Vodafone and Idea have been raising money the past few months to pare combined debt, which stood at more than Rs 1.14 trillion at March end

The stock slipped nearly 7% to Rs 56 on the BSE on concerns of likely delay in Vodafone merger as the telecom department is looking to raise a fresh demand of around Rs 47 billion.

The stock was down 2% at Rs 70 on the BSE, trading at its lowest level since January 20, 2017

The company has issued and allotted about 424 million equity shares to qualified institutional buyers

The panel also approved and adopted the placement document in connection with the QIP

The Board has authorised the Committee of Directors to decide on the timing, pricing and exact quantum of equity shares to be issued

As a result, the aggregate shareholding of the promoter group in Idea Cellular has increased from 42.4% to 47.2%

It further said that despite multiple reminders since November 2017,the operator had failed to meet its payment commitments

At present, 100% FDI is allowed in telecom companies, of which up to 49% can be done through the automatic route

A new TV commercial by Idea Cellular has pushed the running narrative of the telecom firm to imply how in today's world a video can change people's lives

The stock soared 9% to Rs 114 on BSE after the board approved fund raising of up to Rs 3,250 crore through preferential issue to promoter group at Rs 99.50 per share

Firm likely to lower debt to Rs 500 bn; expand its wireless broadband coverage and capacity