Idea stock shoots up on stake sale report | business | Hindustan Times
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Idea stock shoots up on stake sale report

Shares of Idea Cellular rose by over 7% in morning trade on the Bombay Stock Exchange today amid reports that the Aditya Birla group firm is in talks with global telecom operators to sell its stake in the company.

business Updated: Apr 05, 2011 12:35 IST

Shares of Idea Cellular rose by over 7% in morning trade on the Bombay Stock Exchange on Tuesday amid reports that the Aditya Birla group firm is in talks with global telecom operators to sell its stake in the company.

The stock jumped by 7.48% to touch a one-month high of Rs 72.50 on the BSE after reports surfaced that the group is scouting for buyers for the telecom company and has held discussions with several international players.

Shares of the company skyrocketed by 19.76% to touch a 52-week high of Rs 80.90 on the National Stock Exchange as well. However, the scrip later trimmed most of its early gains and was trading at Rs 68.90, up 2%.

Aditya Birla Group holds an about 47% stake in Idea Cellular.

Meanwhile, the BSE 30-share broader index Sensex was quoting at 19,601.27, down by 100.46 points at 11.00am.