Idea up on Rs 300-cr investment plan

DALAL STREET SPIKES

The Idea Cellular scrip rose 8 per cent to Rs 53.85 on plans to invest Rs 300 crore in the next 15 months for expanding its reach in Karnataka. Idea Cellular, which had recently acquired Spice Communications (paving its entry into two telecom circles of Karnataka and Punjab) intends to build on the current 1.4 million subscriber base of Spice in Karnataka.

The stock made an intraday high of Rs 54.90 and a low of Rs 50, with trading volumes of 2.2 million shares (twice its two-week average). The scrip hit a 52-week high of Rs 148.90 (January 15) and a low of Rs 34.05 (October 27).