Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy call on Idea Cellular with a target price of Rs 94 in its June 08, 2009 research report.

In its latest research report, the firm said that Idea Cellular is clearly a buy, so investors can accumulate Idea Cellular on declines. In addition, the firm has suggested a support level for the scrip at Rs 77.

The stock is presently trading around Rs 81-85 level.

Today, the scrip of the company opened at Rs 84.40 on BSE, marginally up compared to its previous close of Rs 83.10 on Friday (June 05). Current EPS & P/E ratio stood at 3.25 and 25.03 respectively. The share price has seen a 52-week high of Rs 112 and a low of Rs 34.05 on BSE.

IDEA Cellular, on June 02, announced that it has tied up with Department of Posts in order to supply mobile recharge vouchers via the postal network in the state. 

The company said that this facility would permit more than 44 lakh IDEA subscribers in Kerala to buy recharge coupons from nearly 5,050 post offices across the state.

With the aim to strengthen its national footprint, IDEA Cellular, on May 25, has forayed into Tamil Nadu, by rolling out its GSM mobile services in 130 towns across the state.

Idea Cellular announced that its stockholders will meet on June 25 and 26 to consider the plan to demerge its passive infrastructure, comprising towers and base stations, regarding its nine service regions to its division Idea Cellular Towers Infrastructure, among others.

Idea Cellular stated that its shareholders will discuss the merger of Spice Communications with the company on July 13. 

In a filing to BSE, Idea Cellular said that the shareholders and creditors meeting would be held on July 13 and 14, respectively, for the sanction of scheme of amalgamation of Spice Communications with itself.