Vodafone Idea share rose over 6% in early trade today after the telco narrowed its Q2 loss to Rs 7218 crore. In corresponding quarter of previous fiscal, the firm reported a consolidated loss of Rs 50,921.9 crore. In Q1 of current fiscal, losses of the firm stood at Rs 25,460 crore.
Vodafone Idea stock rose up to 6.44% to Rs 8.92 against earlier close of Rs 8.38 on BSE. Total 249.23 lakh shares changed hands amounting to turnover of Rs 21.57 crore on BSE.
Market cap of the firm climbed to Rs 24,913 crore. Vodafone Idea share has lost 11.8% in last 5 days. The share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. The telecom stock is nearly 4% away from 52-week high of Rs 13.45.
In a year, the share has gained 128.35% and risen 41.25% since the beginning of this year. In a month, the stock has fallen 9% and lost 4.08% in a week.
Average revenue per user (ARPU) a measure of profitability, improved to Rs 119 against Rs 114 in the June quarter.
Total income declined by about 3 percent to Rs 10,830.5 crore during the reported quarter, from Rs 11,146.4 crore in the corresponding period of 2019-20.
Vodafone Idea MD and CEO Ravinder Takkar said while challenges related to COVID-19 continue, the second quarter has shown signs of recovery with a gradual improvement in economic activities. "We are executing on our strategy and our cost optimization exercise has already started to yield incremental savings." "We have also initiated a fund raising exercise to support our strategic intent. Further, we continue to interact with the government seeking long term solutions to the critical challenges, which the industry faces," Takkar said.
Shares of Voda Idea closed 3.46 per cent lower at Rs 8.38 on Thursday against previous close of Rs 8.68 on the Bombay Stock Exchange.