Videocon Industries, a large diversified Indian company headquartered in Gurgaon, Haryana, witnessed a sharp rise in share price on Thursday after Videocon Telecommunications, the telecom arm of the company sold spectrum in two circles to Idea Cellular for Rs 33.10 billion.

Idea Cellular entered into agreement with Videocon Telecommunications for acquiring right to use spectrum of Gujarat and Uttar Pradesh (West). The company intends to use this acquired spectrum for launch of 4G (LTE) Mobile Broadband Services in the service areas of Gujarat and Uttar Pradesh (West).

Shares of Videocon Industries are trading at Rs 137.00, up Rs 6.7, or 5.14% at the Bombay Stock Exchange (BSE) on Thursday at 10:58 a.m.

Total volume of shares traded on the bourses today was higher by 304.82% to 1,196,537 compared with 22-day average volume of 295,572.