The market is very happy that Idea Cellualr and Videocon Telecom, a subsidiary of Videocon Industries have mutually agreed to terminate their Rs.3,310 crore spectrum deal for Gujarat and Uttar Pradesh telecom circles with immediate effect. No reason for this termination was given. No joint intimation of this transfer agreement for right to use spectrum under spectrum trading guidelines was filed with DoT, by the parties. Also, there is no cost implication to the company on termination of the agreement.

Videocon needed the cash from this deal and ironically, the stock price had jumped up over 10% when news of this deal with Idea had broken in November’15.

Both the stocks, Videocon Inds and Idea Cellular are up in the green, the former by over 10% with some 10 times surge in volume and figuring amongst the top three gainers on the bourses currently. Idea is up 2% at Rs.99.95, not yet crossing the Rs.100 threshold.