Telecom stocks soar, Idea up 29% as Vodafone confirms merger talks

RCom, Tata Communication, Bharti Airtel also gained 5.18%, 4.25% and 3.9% respectively

Telecom index on the Bombay Stock Exchange (BSE) soared as much as 9.5% in intra-day deals, as investors remained optimistic on the sector after Vodafone reportedly confirmed that it is in merger  talks with Idea Cellular. CLICK HERE FOR THE STORY
 
Idea Cellular gained 29% to Rs 100 in intra-day trade. The share price of the company has risen 44% since January 18. On the other hand, Bharti Airtel, RCom, TTML also gained 12.26%, 9.87% and 7.13% respectively.
 
Global brokerage house CLSA believes a potential merger between Vodafone India with Idea Cellular would change the industry order.