Sell Idea Cellular Ltd., target Rs 100.0 : Citigroup

Citigroup has Sell call on Idea Cellular Ltd. with a target price of Rs 100.0. The current market price of Idea Cellular Ltd. is 96.5. Time period given by analyst is year, when Idea Cellular Ltd. price can reach defined target. The overall June quarter results were lower than estimates as a miss in voice and increased focus on improving voice rev/min hurt minutes growth, said the Citigroup note. All the 3 telecom operators reported an increase in voice rev/min, but Idea's minute growth was the slowest. The data volume growth was helped by a faster decline in realization. The net debt for Idea stands at Rs37,660 cr implying FY17E net debt/EBITDA at 2.8x.