Idea Cellular extends rally on heavy volumes
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Shares of Idea Cellular have moved higher by 7% to Rs 175, extending its past two days 10% rally on the National Stock Exchange (NSE), on back of heavy volumes.
The stock is just 2% away from its 52-week high of Rs 178 touched on September last year. It touched a record high of Rs 188 on November 2013.
The trading volumes on the counter more than doubled with a combined 15.62 million shares till 1435 hours against an average around 7 million shares that were traded daily in past two weeks on NSE and BSE.
According to media reports, the government’s assured revenues from spectrum auction touched Rs 96,000 crore on Wednesday from an assured sum of Rs 94,000 crore earlier.
According to experts, Reliance Jio has not spoilt the party as it does not seem to have bid for 900 MHz spectrum, added report.
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