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Vodafone Idea share gains over 17% ahead of AGR dues verdict

Stock price of Vodafone Idea has risen 18% in one week, 25% in one month and 63% since the beginning of the year. Market capitalisation of the firm stood at Rs 29,022 crore as of today's closing session.

twitter-logoBusinessToday.In | August 28, 2020 | Updated 17:18 IST
Vodafone Idea share gains over 17% ahead of AGR dues verdict
Vodafone Idea stock is trading higher than 5, 20, 50, 100 and 200-day moving averages

Vodafone Idea share price rose over 17% in Friday's early trade in anticipation of a favourable verdict in the AGR case. Vodafone Idea stock price opened at Rs 8.93 and touched an intraday high of Rs 10.43, rising 17.45% against the previous close of Rs 8.88 on BSE. The stock price of Vodafone Idea also hit a low of Rs 8.93 intraday.

Vodafone Idea stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. Stock price of Vodafone Idea has risen 18% in one week, 25% in one month and 63% since the beginning of the year.

Market capitalisation of the firm stood at Rs 29,022 crore as of today's closing session. The stock has traded in a wide range of Rs 1.5 today.

After several hearings, the SC bench had outlined three areas on which it would pass the judgement.

The telecom companies are awaiting judgement from Supreme Court's bench headed by Arun Mishra in the adjusted gross revenue (AGR) case. As per reports, the SC Judgement is expected before September 2 as Chief justice Arun Mishra will retire on the same date.

The apex court had, earlier on Monday, reserved its judgment in the case and observed that if telecom companies are unwilling to pay their dues, it would direct the Union government to cancel their spectrum allocation and licence.

On the verdict, Vinod Nair, Head of Research at Geojit Financial Services said, "We have this case that is going on and people are careful about what the outcome will be. The market has a mixed view on the verdict. Some say that there will not be staggered payment and others see some kind of concessions to be given. The market is hoping for the best".

Vodafone Idea shares closed 13.74% higher at Rs 10.10 apiece on BSE.

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