Technical analyst Manoj Sachdeva of Hem Securities has maintained 'buy' rating on Idea Cellular Limited stock with a target of Rs 78.

According to analyst, the investors can purchase the stock at Rs 70 with a stop loss of Rs 67.

The analyst also said that the said target can be achieved in a period of 3-4 days.

The stock of the company, on December 29, closed at Rs 69.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 79.90 and a low of Rs 49.80 on BSE.

Current EPS & P/E ratio stood at 2.48 and 28.34 respectively.

Idea Cellular announced that its managing director Sanjeev Aga would resign from his post earlier than his scheduled departure.

The company refused to offer up more details.

In a declaration to the stock market, country's No 6 mobile phone operator stated that Mr. Aga would retire from 1 April 2011, but would remain as director on the board of company.

Besides, Axis Bank has inked a MoU with Idea Cellular, by virtue of which, the company will function as a business correspondent for the banking institution, and make use of its telecom system to facilitate branchless banking, and allow mobile payments and remittals.

This accompanies an announcement from the central bank on September 28th 2010 that lets Banks to recruit companies filed under the Indian Companies Act, 1956, apart from NBFCs as Business Correspondents.