Moneycontrol
Last Updated : Aug 20, 2018 03:30 PM IST | Source: Moneycontrol.com

Idea Cellular gains 6%; Citi maintains buy with target Rs 83

The potential for synergy gains is significant over FY19-24E ad continue to see risk/reward as favorable for Idea.

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Share price of Idea Cellular gained over 6 percent intraday Monday. The research house Citi has maintained buy call on the stocks with a target at Rs 83 per share.

The company has reduced dealer commissions in Q1, said Citi.

According to research house, Idea-Vodafone’s merger likely to be completed by end of month and expect new entity to aggressively extract cost savings.

The potential for synergy gains is significant over FY19-24E ad continue to see risk/reward as favorable for Idea.

The share touched its 52-week high Rs 118 and 52-week low Rs 48.40 on 05 January, 2018 and 18 July, 2018, respectively.

Currently, it is trading 54.7 percent below its 52-week high and 10.43 percent above its 52-week low.

At 15:19 hrs Idea Cellular was quoting at Rs 53.45, up Rs 2.50, or 4.91 percent on the BSE.

Posted by Rakesh Patil
First Published on Aug 20, 2018 03:30 pm
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