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Amazon, Verizon may give $4-bn lifeline to Vodafone Idea; share surges 30%

Share price of Vodafone India gained 30% intra day to Rs 12.88 against previous close of Rs 9.91 on BSE

twitter-logoBusinessToday.In | September 3, 2020 | Updated 16:47 IST
Why Vodafone Idea share rose 30% today
Vodafone Idea share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Vodafone Idea share rose 30% today after a report said US wireless carrier Verizon Communications Inc and Amazon.com Inc are likely to invest more than $4 billion in the Indian telecom firm. Share price of Vodafone India gained 30% intra day to Rs 12.88 against previous close of Rs 9.91 on BSE.  Vodafone Idea share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Later, the share closed 26.74% higher at Rs 12.56 on BSE. 

Total 3,326 lakh shares changed hands amounting to turnover of Rs 377.90 crore on BSE.

Market cap of the firm climbed to Rs 35,574 crore.

In one year, the share has gained 137.89% and risen 97.73% since the beginning of this year. In a month, the stock has gained 40% and climbed 37% in a week.

According to a report in LiveMint, Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival.

AGR verdict: Why Airtel, Vodafone-Idea are at mercy of Jio

The DoT has fixed Vodafone Idea's AGR dues at Rs 58,200 crore (the highest among all telecom companies). Of this, the telco has so far paid Rs 7,900 crore.

The report comes a day ahead of the board meeting, which will discuss routes to raise funds for the cash starved carrier. In a communication to BSE, the telco said,

"The meeting of the Board of Directors of the Company is scheduled on 04/09/2020 ,inter alia, to consider and approve inter-alia, to consider and evaluate any and all proposals for raising of funds in one or more tranches. On September 1, Supreme Court granted 10 years to telcos to pay AGR dues.

Vodafone Idea share surges 13% as board to consider raising funds on September 4

After AGR verdict, Airtel, Vodafone Idea at the mercy of Reliance Jio

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By Aseem Thapliyal

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