Gold Silver Reports (GSR) – Metal Index Drops Over 2.5% As Vedanta Drags – Metal stocks were facing selling pressure dragged by weakness in Hindustan Zinc, Jindal Steel and Vedanta.
F&O Check: Nifty Bank 26,500 Call Most Active On NSE – Nifty Bank 26,500 call was among the most active option contracts on the National Stock Exchange. The premium on the contract fell 10 percent to Rs 115. Over 2.18 lakh shares were added to the open interest of over 7.42 lakh shares.
Idea Cellular Rises As Regulator May Clear Vodafone-Idea Merger- Shares of the Aditya Birla Group wireless carrier rose as much as 4.2 percent to Rs 63.20. The telecom department is likely to approve merger of Vodafone India and Idea Cellular that will create the country’s largest mobile service operator with proposed name of Vodafone Idea Ltd, news agency Press Trust of India reported citing an official source.
Idea and Vodafone have decided to combine their operations to create the country’s largest telecom operator worth over $23 billion (or over Rs 1.5 lakh crore), with a 35 percent market share and a subscriber base of around 430 million.