Vodafone Idea soars 12% to hit a 52-week high; stock up 32% this week
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Shares of Vodafone Idea (VIL) hit a fresh 52-week high of Rs 14.34 after they rallied 12 per cent on the BSE in Friday’s intra-day trade. The stock has surged 32 per cent so far this week. Besides, the stock of the telecom services provider has crossed its 52-week high level of Rs 13.80, touched on January 15, 2021, and has hit the highest level since June 2019.
Till 03:02 pm; a combined 874 million shares changed hands on the NSE and BSE. The stock trades in the futures & option (F&O) segment, which has no circuit limits. In comparison, the S&P BSE Sensex was down 1.3 per cent or 744 points at 57,717.
According to CNBC-Awaaz report, the Department of Telecommunications (DoT) has started releasing bank guarantees (BGs) of Rs 20,000 crore issued by Bharti Airtel and VIL.
Meanwhile, in past two weeks, the market price of Vodafone Idea was zoomed 44 per cent after the company increased its prepaid tariff by 20-25 per cent from November 25, 2021. On November 23, VIL hiked its prepaid tariff plans by 20-22 per cent across the board and 25 per cent in base entry level voice (2G plan), similar to Airtel. The company said the new plans will start the process of average revenue per unit (ARPU) improvement and help address the financial stress faced by the industry.
VIL opted for deferment of Adjusted Gross Revenue (AGR) and Spectrum installments for 4 years. The deferral of spectrum dues will result in liquidity of around Rs 589 billion over a period of 4 years (around Rs 147 billion annually), the company said in investor presentation.
VIL further said it is in discussion with the Department of Telecommunications (DoT) to determine the final amount of AGR in line with the Supreme Court (SC) order. The reduction in bank guarantees will reduce the bank’s exposure to VIL and help in various ongoing discussions with banks and other lenders. The digital transformation, enhanced customer experienced and partnerships to drive cash generation, it said.
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