Vodafone Idea stock rises 3% as high court orders Rs 1,128-cr tax refund

Shares of Vodafone Idea Ltd rose 3.37 per cent to hit a day high price of Rs 14.10 after the Bombay High Court asked Income Tax (I-T) department to refund Rs 1,128 crore to the telecom operator. "The Hon'ble Bombay HC has instructed tax department to issue the refund of Rs 1,128.47 crore within 30 days along with applicable interest," Voda Idea stated in an exchange filing.

The counter has given multibagger returns in the past six months by rallying more than 100 per cent.

Recently, Voda Idea chief executive Akshaya Moondra said that the telco's funding-related discussions are progressing. "We should be able to conclude these discussions in this quarter," the chief executive mentioned during an earnings call.

On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 69.60. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The scrip has a one-year beta of 1.14, indicating high volatility.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said the stock has resistance around Rs 15-16 zone. "On the lower end, immediate support is placed at Rs 12.50-12-odd zone. It is advisable to have a pragmatic approach keeping the aforementioned levels in the comparable period," Krishan mentioned.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Rs 12.50 will be a credible support zone and resistance may be seen near Rs 16.80 (which is its December 10, 2021 high level)."

As of September quarter, promoters held 50.36 per cent stake in the telecom operator.

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