Bharti Airtel's mobile tower arm Bharti Infratel and Vodafone hold 42 per cent each in India's largest mobile tower firm Indus Towers and the rest is held by Idea Cellular.
The company had reported a net profit of Rs 91.5 crore in July-September a year ago.
The company's in its filing with the stock exchange said that the Vodafone and Idea Cellular Limited separately agreed to sell their tower businesses to ATC for an aggregate sum of Rs 7,850 crore.
American Tower Corporation is a US-based company founded in 1995 with operations in 15 countries across the globe.
The stock jumped 5.91 percent to end at Rs 78.90 on BSE. During the day, it soared 8 percent to Rs 80.50.
The deal gives Vodafone India an implied enterprise value of Rs 82,800 crore and Idea Rs 72,200 crore.
Over 99 per cent of Idea shareholders voted in favour of the merger at the shareholders' meeting on October 12, 2017, the filing by the Aditya Birla group firm stated today.
Net Sales are expected to decrease by 6 percent Q-o-Q (down 17.5 percent Y-o-Y) to Rs. 7670.4 crore, according to ICICI Securities.
Idea Cellular topped the chart in terms of average 4G upload speed for September at 6.307 mbps, the private telecom player said in a statement reeling off the Trai data.
Ashwani Gujral of ashwanigujral.com recommends selling Adani Enterprises, HCC and Idea Cellular.
On the timeline for completion of the merger, he said it will happen by 2018. Earlier this year, Vodafone India and Idea Cellular had agreed to merge their operations to create the country's largest telecom operator worth of more than USD 23 billion with a 35 per cent market share.
Ashwani Gujral of ashwanigujral.com suggests buying Yes Bank and Titan Company and feels that Motherson Sumi Systems is likely to test Rs 400-420.
Only three operators -- Reliance Jio, Bharti Airtel and state-run BSNL -- reported subscriber additions in the month, while eight other operators including Idea Cellular and Vodafone, saw a decline.
Sources tell CNBC-TV18 that American Tower Corporation (ATC) and Brookfield have emerged as front-runners to buy idea-Vodafone's tower assets.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy IGL and sell Union Bank and Idea Cellular.
This leads to the government losing out Rs12,229.24 crore as payment from spectrum usage charges and interest. These charges are computed by using telecom companies’ revenue as the base. On the basis of this report government has once again appointed special auditors to check irregularities in telecom company’s accounts.
Ashwani Gujral of ashwanigujral.com recommends selling Idea Cellular, Sun Pharma and Interglobe Aviation and advises buy Titan Company and UltraTech Cement.
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Sudarshan Sukhani of s2analytics.com is of the view that one can sell Glenmark Pharma and Idea Cellular and buy Titan Company and prefers Maruti Suzuki over Amtek Auto.
Telecom stocks are in focus as the market fears that the Telecom Regulatory Authority of India (TRAI) is actively considering a proposal to phase out interconnect usage charge (IUC). Vodafone group CEO Vittorio Colao has written a letter to the department of telecom saying, "We are seriously alarmed to see reports that the regulator is considering a reduction in MTC at a time when the industry is facing such immense hardships. The existing rate of 14 paisa is already below cost". In an interview to CNBC-TV18, Naveen Kulkarni, Co-Head of Research at PhillipCapital shared his readings and outlook on the same.
The issue dates back to May 2005 when the Department of Telecom (DoT) amended licences to permit inter-service area connectivity among telecom operators within four states -- Maharashtra, West Bengal, Tamil Nadu and Uttar Pradesh.
Total mobile customer base of five COAI members that include Aircel and Telenor declined by 37.74 lakh to 82.6 crore in July from 83 crore at the end of June.
Motilal Oswal is bullish on Idea Cellular has recommended buy rating on the stock with a target price of Rs 110 in its research report dated August 18, 2017.
Sudarshan Sukhani of s2analytics.com recommends buying Adani Ports, Ashok Leyland, Hindustan Petroleum Corporation and Bata India and advises shorting Idea Cellular.
Idea's move comes after the Securities and Exchange Board of India (Sebi) and exchanges gave their conditional nod to the proposed USD 23-billion merger deal that would create the country's largest telecom operator.