Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd
To pay off its AGR dues roughly ~Rs. 500 bn over 10 years, Vodafone Idea is trying to raise funds from different sources. Few days back, the company raised Rs 37.6 billion by selling its 11.15% stake in Indus for a cash consideration. As per media sources, a consortium backed by Oaktree Capital has offered to fund at least $2 billion to the company. If the company successfully raises this amount, then we believe stock will rally as it will alleviate concern over the company's financial strength. We see this as a negative development for Bharti Airtel, as it will shut all the talks about duopoly in the industry.
Shares of Vodafone Idea Ltd was last trading in BSE at Rs.10.4 as compared to the previous close of Rs. 10.04. The total number of shares traded during the day was 57281880 in over 58622 trades.
The stock hit an intraday high of Rs. 10.6 and intraday low of 10.17. The net turnover during the day was Rs. 593953913.