Vodafone Idea shares extend gains, jump 6% today; analysts suggest more upside
Vodafone Idea share price: The stock settled 5.67 per cent higher at Rs 15.85 on BSE. At this price, it has gained 24.70 per cent in the past month and rallied 115.06 per cent in a year.
- Jun 7, 2024,
- Updated Jun 7, 2024 5:49 PM IST
Shares of Vodafone Idea Ltd (VIL) on Friday continued their upward move for the third consecutive session. The stock settled 5.67 per cent higher at Rs 15.85 on BSE. At this price, it has gained 24.70 per cent in the past month and rallied 115.06 per cent in a year.
Around 23.30 crore shares changed hands today. The figure was lower than the two-week average volume of 27.28 crore shares. Turnover on the counter came at Rs 364.93 crore, commanding a market capitalisation (m-cap) of Rs 1,05,376.28 crore.
VIL's stock largely looked 'positive' on charts, analysts suggested. Support could be seen around the Rs 15 zone. On the higher end, expected near-term target would be Rs 18.
"The stock has recovered from the Rs 14 zone, improving the bias. Expected near-term targets would be Rs 17.80 and Rs 18.30. Support would be Rs 14.50," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher (PL).
The counter has potential to hit Rs 18 in the near term, said Vaishali Parekh, Vice-President - Technical Research at PL.
"The stock looked positive on daily charts. It has potential to hit an upside target of Rs 18 with a stop at Rs 15," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
VIL recently shared that Care Ratings Ltd (CARE), has revised its rating assigned to the long-term bank facilities and short-term bank facilities. The rating rationale will be uploaded on CARE's website in due course, it added.
The company's consolidated loss after tax widened to Rs 7,675 crore during the fourth quarter (Q4 FY24). Consolidated revenue, however, rose 0.7 per cent on a year-on-year (YoY) basis to Rs 10,607 crore in Q4 FY24.
VIL's 4G subscriber base grew to 12.63 crore as on March 31, 2024, from 12.26 million a year ago. But its overall subscriber base fell about 6 per cent to 21.3 crore.
The telco's average revenue per user (ARPU), a key performance metric for telecom firms, rose to Rs 146 from Rs 135 a year earlier.
The firm has successfully raised a total of Rs 18,000 crore from its follow-on offering (FPO). It is planning to roll out its 5G services in select areas.
VIL CEO Akshaya Moondra said that the 5G rollout could cover 40 per cent of the company's overall revenue base in the next 24-30 months.
Vodafone Idea was formed in 2018 when Vodafone Group merged its India business with Idea Cellular. As of April 23, 2024, promoters held a 36.87 per cent stake in the company.
Shares of Vodafone Idea Ltd (VIL) on Friday continued their upward move for the third consecutive session. The stock settled 5.67 per cent higher at Rs 15.85 on BSE. At this price, it has gained 24.70 per cent in the past month and rallied 115.06 per cent in a year.
Around 23.30 crore shares changed hands today. The figure was lower than the two-week average volume of 27.28 crore shares. Turnover on the counter came at Rs 364.93 crore, commanding a market capitalisation (m-cap) of Rs 1,05,376.28 crore.
VIL's stock largely looked 'positive' on charts, analysts suggested. Support could be seen around the Rs 15 zone. On the higher end, expected near-term target would be Rs 18.
"The stock has recovered from the Rs 14 zone, improving the bias. Expected near-term targets would be Rs 17.80 and Rs 18.30. Support would be Rs 14.50," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher (PL).
The counter has potential to hit Rs 18 in the near term, said Vaishali Parekh, Vice-President - Technical Research at PL.
"The stock looked positive on daily charts. It has potential to hit an upside target of Rs 18 with a stop at Rs 15," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
VIL recently shared that Care Ratings Ltd (CARE), has revised its rating assigned to the long-term bank facilities and short-term bank facilities. The rating rationale will be uploaded on CARE's website in due course, it added.
The company's consolidated loss after tax widened to Rs 7,675 crore during the fourth quarter (Q4 FY24). Consolidated revenue, however, rose 0.7 per cent on a year-on-year (YoY) basis to Rs 10,607 crore in Q4 FY24.
VIL's 4G subscriber base grew to 12.63 crore as on March 31, 2024, from 12.26 million a year ago. But its overall subscriber base fell about 6 per cent to 21.3 crore.
The telco's average revenue per user (ARPU), a key performance metric for telecom firms, rose to Rs 146 from Rs 135 a year earlier.
The firm has successfully raised a total of Rs 18,000 crore from its follow-on offering (FPO). It is planning to roll out its 5G services in select areas.
VIL CEO Akshaya Moondra said that the 5G rollout could cover 40 per cent of the company's overall revenue base in the next 24-30 months.
Vodafone Idea was formed in 2018 when Vodafone Group merged its India business with Idea Cellular. As of April 23, 2024, promoters held a 36.87 per cent stake in the company.