In the past one month, Vodafone Idea share price has climbed nearly 130 per cent from Rs 4.18 to Rs 9.53 apiece. According to the BSE data, Vodafone Idea stood at 100th position in m-cap ranking.
Vodafone Idea share price today surged over 10 per cent to Rs 9.50 apiece on BSE taking the market capitalisation of the company to Rs 26,867.59 crore. With today’s rally in the stock, Vodafone Idea once again made its place in top-100 most valued Indian companies in terms of market capitalisation as the stock price has surged a whopping 212 per cent in two months. According to the BSE data, Vodafone Idea stood at 100th position in m-cap ranking at 11 am. In the past one month, Vodafone Idea share price has climbed nearly 130 per cent from Rs 4.18 to Rs 9.53 apiece. “Telecom sector is seeing investments coming in, whether it is Reliance Jio or Bharti Airtel. It shows that this sector may see a likely uptick for the next one year,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online. As in India, there are only three prominent players in the telecom sector, therefore, Vodafone Idea looks a good bet to buy for a target of Rs 16 (rate of write issue),” Wagh further added.
Vodafone Idea shares have soared over 45 per cent so far this week, on the reports that suggested Google is in talks to invest in the company for a 5 per cent equity stake. However, Vodafone Idea on May 29, clarified that as part of corporate strategy, the company is constantly evaluating various opportunities for enhancing the stakeholders’ value. Vishal Wagh advises that one should buy Vodafone Idea on a correction till Rs 6-7. “The Indian telecom sector has entered a phase of tariff discipline which is likely to sustain for several reasons,” Jefferies said in a research report. “Vodafone Idea is unlikely to be a potential price disruptor, given that it already faces cashflow pressures driven by $16bn debt and $7bn AGR liabilities,” it added.
Earlier this week, Vodafone Idea and Nokia announced the completion of the first phase of the world’s largest deployment of Dynamic Spectrum Refarming (DSR) technology in the country, which will enhance the user experience with optimal use of spectrum assets.