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Vodafone Idea surges 21% in two days, with the stock approaching a 52-week high.

by TLAteam December 2, 2021December 2, 2021
written by TLAteam December 2, 2021December 2, 2021
Vodafone Idea surges 21% in two days, with the stock approaching a 52-week high.

Vodafone Idea (VIL) shares were trading higher for the second day in a row, up 6% at Rs 13.40 on the BSE in intraday trade on Thursday, and have risen as much as 21% in the previous two days on heavy volume. The telecom services provider’s stock was trading near its 52-week high of Rs 13.80, set on January 15, 2021.

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The stock has risen 34% in the last two weeks after the company increased its prepaid tariff by 20-25% beginning November 25, 2021. In comparison, the S&P BSE Sensex fell 2.7% during the same time period.

At 10:23 a.m., VIL was trading 4% higher at Rs 13.13, compared to a 0.67 percent gain in the benchmark index. On the NSE and BSE, a total of 415.3 million equity shares were traded.

VIL’s CEO, Ravinder Takkar, stated last month that the company expects to complete its fundraising in the current fiscal year.

VIL chose to postpone the payment of Adjusted Gross Revenue (AGR) and Spectrum instalments for four years. The deferral of spectrum dues will result in liquidity of approximately Rs 589 billion over a four-year period (approximately Rs 147 billion annually), according to the company’s investor presentation.

VIL also stated that it is in talks with the Department of Telecommunications (DoT) to determine the final amount of AGR in accordance with the Supreme Court (SC) order. The reduction in bank guarantees will reduce the bank’s exposure to VIL and aid in ongoing discussions with banks and other lenders. It stated that the digital transformation, enhanced customer experiences, and partnerships would drive cash generation.

Meanwhile, Reliance Jio is said to have written to sector regulator Trai, complaining that VIL’s new tariff structure allegedly restricts entry-level customers from porting their mobile number from its network. VIL increased mobile service and data rates by 18-25% in November.

“Jio has complained to Trai that VIL’s new tariff prevents people opting for low-value plans from porting their mobile number because outgoing SMS service is not available in VIL’s entry-level plans,” the PTI reported, citing sources.

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