Idea Cellular in India to Raise $500 million

Mukesh Buch
05 Jun, 2014
New York City

Idea plans to raise $500 million through a stock offering. Jagran Prakashan net soared 51%. M D Overseas net swung to a loss. Piramal acquired 10% stake in Shriram City Union Finance. SML Isuzu May sales jumped.

[R]6:00 PM Mumbai – Idea plans to raise $500 million through a stock offering. Jagran Prakashan net soared 51%. M D Overseas net swung to a loss. Piramal acquired 10% stake in Shriram City Union Finance. SML Isuzu May sales jumped.[/R]

The Sensex Index climbed 213.68 or 0.9% to close at 25,019.51 The CNX Nifty jumped 71.85 to 7,474.10.

Gainers & Losers

Idea Cellular Ltd rose 0.4% to Rs 136.35 after the wireless services operator plans to raise as much as $500 million to fund to purchase of wireless spectrum.

The company will be investing up to Rs 3,500 crore in the current fiscal year to build network and launch 3G services in Delhi by next year.

Jagran Prakashan Limited dropped 2.1% to Rs 119 after net profit in the fourth-quarter soared 51.1% to Rs 58.17 crore and sales climbed 13.8% to Rs 380.25 crore.

M D Overseas Limited, the company said net in the fourth-quarter swung to a loss of Rs 116.25 crore compared to profit of Rs 58.85 crore and sales surged 211.7% to Rs 5,836.80 crore.

Piramal Enterprises Ltd jumped 1.1% to Rs 709.35 after the company said it has acquired 9.99% equity stake in Shriram City Union Finance.

Polaris Financial Technology Ltd slid 0.2% to Rs 205.55 after the company said that Sweden''s central bank selected to implement Polaris'' Intellect Quantum Collateral Management System.

Suzlon Energy Ltd climbed 4.9% to Rs 29.85 after the company secured repeat order for a 100 megawatt wind power units from ReNew Wind Power.

SML Isuzu Ltd fell 0.9% to Rs 431.15 after the company said sales in May jumped 11.4% to 1,285 units.

Tech Mahindra Ltd gained 1.3% to Rs 1,907.65 after the U.S.-based AT&T Inc will acquire the 26% stake held by the Mahindra Group in their joint venture in two tranches for an undisclosed amount.