Vodafone Idea Share Price News: The Supreme court order has given a breathing space to Vodafone Idea by granting a 10-year timeline to pay the dues. The sources say the company is talking with investors to raise US$1.5bn and the news added momentum in the stock. The Indian telecom sector will give an excellent opportunity to end customers as the market will witness the competition between Vodafone Idea, Reliance Jio, and Bharti Airtel. Know in detail.
- Vodafone Idea share price rallied nearly 19 percent to hit a fresh 52-week high of Rs 13.45 apiece from day’s low on BSE
- Shares hit upper circuit on $4 billion funding buzz from Verizon, Amazon
- Vodafone Idea denied of investment proposal from Amazon, Verizon
- Today the share of Vodafone Idea is twirling between gains and losses
- The stock tumbled into the red, minutes after climbing a new 52-week high
- Vodafone Idea consider raising capital through the issue of equity shares or other instruments
- Vodafone Idea board to meet on September 4 to discuss and possibly finalize fundraising proposals
- The Supreme Court verdict gave huge relief by adjusting gross revenue (AGR) in ten years
- Reports suggest Vodafone Idea planning to raise $1-1.5 billion
In today’s session, the Vodafone Idea share price jumped nearly 19 percent to hit a fresh 52-week high. On BSE, it reached Rs 13.45 from day’s low before the company’s board meeting to contemplate fundraising. The company thinks to complete in single or multiple tranches by various means such as a public issue, preferential allotment, private placement, involving a qualified institutions placement or through any more acceptable means. Vodafone Idea stock is continually spinning between gains and losses. The stock tumbled into the red, minutes after climbing a new 52-week high.
Changed Scenario encouraged the Investors, the Stock surged to a New High
Shares hit upper circuit on $4 billion funding buzz from Verizon, Amazon. However, Vodafone Idea denied of investment proposal from Amazon, Verizon. Interestingly, at an earlier time this week, the stock slipped 20 percent in intraday trades post-Supreme Court judgment on the adjusted gross revenue (AGR) dues payment timeline and closed 13 percent lower. The share price has regained over 51 percent improving from Rs 8.89 to Rs 13.45 per share on the Bombay Stock Exchange (BSE) in early hours on Friday.
UK-based Vodafone and Indian Big Company Idea JV posted Enormous Losses
UK-based Vodafone and Indian big company Idea joint venture has posted enormous losses for the past eight quarters and burdened with a debt of over Rs 1,00,000 crore. The company reported a record loss of Rs 50,921 crore for the September quarter, as it made a provision for the payment of statutory dues.
On September 1, the Supreme Court allowed the telecom players to pay their adjusted gross revenue AGR dues over ten years instead of the requested 20 years. The company got a huge relief and now does not need to pay immediately.
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The apex court has also instructed the company to make sure an upfront payment of 10 percent of the outstanding amount by March 31, 2021. On July 20, Solicitor General Tushar Mehta said Vodafone Idea has paid a part of its AGR dues before now and has Rs 50,399 crore pending to pay the government.
Vodafone Idea undergoing on its Way for a Restructuring Drive
Vodafone Idea is on its way for a restructuring drive to better save Rs 4,000 crore on an annualized basis in the following 18 months. The telecom operator is exercising measures that involve costs cutting, integrating decision making, reducing distribution costs by implementing digital recharges, and improving automation. Vodafone Idea, on September 3, contradicted rumors of investment offer from US telecom major Verizon and e-commerce giant Amazon.
Mobile and Wireless Customers base shifts Towards Jio
Trai report indicates that telecom operator Jio of Mukesh Ambani has taken away the subscriber base of Vodafone Idea and Bharti Airtel in May. Vodafone Idea and Bharti Airtel lost around 4.7 million mobile customers in May. As per the estimate, a total wireless customer base of Vodafone Idea and Airtel has dipped to 309 million and 317 million, respectively. The net positive impact on Jio shows its subscriber base rise with a net addition of over 3.6 million new connections and its total subscriber base has touched to 392 million.
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