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Idea Cellular stock gains after NCLT nod

Shares of Idea Cellular gained over 3% on the BSE in the early morning trade after media reports said that the company received NCLT approval for Idea-Vodafone merger. The announcement will be announced today on NCLT nod, a senior official said in a report.

JPMorgan, a foreign brokerage firm, has maintained underweight call on Idea Cellular with a target of Rs50 per share. Post-merger math does not look good unless we see revenue recovery, JPMorgan added.

Idea Cellular Ltd is currently trading up 1.3% at Rs50.50 from its previous closing of Rs49.85 on the BSE.

The scrip opened at Rs52.50 and has touched a high and low of Rs53 and Rs50.20 respectively.

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