Spice Communications rose 33.12% to Rs 72.35. The stock topped gainers in BSE’s A group shares. Idea Cellular today said it will buy 40.8% stake in Spice Communications at Rs 77.30 a share. Idea Cellular said it would merge Spice with itself through a share swap whereby Spice shareholders would get 49 Idea shares for every 100 Spice shares held.
Idea also said that it would make an open offer for additional 20% stake to Spice Communicaton shareholders at Rs 77.30 a share. Telekom Malaysia, which holds 39.3% stake in Spice, will get 14.99% stake in the merged entity. Idea will make preferential allotment of 46.47 crore equity shares or 14.99% stake at Rs 156.96 each to Telecom Malaysia.
i-flex Solutions rose 9.13% to Rs 1,364.55. It was the second biggest gainer in A group. i-flex Solutions’ net profit rose 49.23% to Rs 165.32 crore on 13.07% rise in net sales to Rs 516.42 crore in Q4 March 2008 over Q3 December 2007. It announced the result on 5 May 2008.
Bank of India rose 9.1% to Rs 236.30. It was the third biggest gainer in A group. As per reports, Bank of India may look at raising its prime lending rate by 50 basis points but the increase would not be across the board.
Banks are expected to raise lending rate with the Reserve Bank of India on Tuesday, 24 June 2008, hiking both repo rates and cash reserve ratio (CRR) by 50 basis points each. While the repo rate has been hiked with immediate effect to 8.50%, CRR will be hiked in two tranches, to 8.5% on 5 July 2008, and to 8.75% on 19 July 2008.
Sun TV Network rose 8.21% to Rs 314.35. It was the fourth biggest gainer in A group. Sun TV Network will announce its audited financial results for the quarter and financial year ended 31 March 2008 on 30 June 2008.
Areva T&D India rose 7.69% to Rs 1,324.90. It was the fifth biggest gainer in A group. The company announced on 24 June 2008 that it received an order worth Rs 125 crore for supply of transformers to UP Rajya Vidyut Utpadan Nigam.
Courtesy: capitalmarket.com
