On the final trading day of the year, Vodafone Idea shares shot up to a new 52-week high, rising over 23 percent on December 29. On the NSE, the telecom operator’s shares surged 22.6 percent to Rs 16.25. At Rs 16.10 a share, the shares were trading close to the day’s peak as of 3 pm.
Over the last six months, investors’ wealth has more than doubled thanks to Vodafone Idea shares, which have gained 116.78 percent. By contrast, over the same time frame, the Nifty 50 frontline index has increased by 13.28 percent.
Compared to the one-week average of 26 crore shares and the monthly average of 33 crore shares, the trading volume of Vodafone Idea on December 29 was much higher at 175 crore shares.
According to reports, the troubled telco’s boosters are purportedly responsible for the stock price increase. The much-anticipated funding infusion into the cash-strapped telecom company has been delayed by an unrestricted surge in Vodafone Idea (Vi) share price over the last six months, according to sources familiar with the ongoing negotiations who asked to remain anonymous.
The sources stated that although the business had set December as the deadline for the money injection in recent filings, the surge in stock price had temporarily halted talks. “Ironically, expectations of fundraising are driving the current rally in the company shares,” the person continued.
Vodafone Idea’s losses for the quarter that ended in September increased to Rs 8737.9 crore from Rs 7595.5 crore during the same period the previous year. According to a corporate filing with the exchange, its operating revenue for the quarter was Rs 10,716.3 crore, up 0.95 percent from Rs 10,614.6 crore in the same period last year.
