Vodafone Idea up 7% thanks to higher volumes; 14% gain in the past four days

Shares of Vodafone Idea (Vi) rose 7 per cent to Rs 11.03 on the Bahrain Stock Exchange in trading on Wednesday on the back of higher volumes, in an otherwise weak market.

At 10:40 a.m. Vi share was trading 6 per cent higher at 10.95 rupees, compared to a 1 per cent drop in S&P BSE Sensex. The counter witnessed huge trading volumes as 214 million shares of stock were traded on the NSE and BSE exchanges. The share of the telecom services company rose for the fourth consecutive day and rose by 14 percent during the same period.

The company’s board of directors on March 31, 2022 approved an allotment of 3,383 million shares of stock at Rs 13.30 per share to three entities from the group of promoters – Euro Pacific Securities, Prime Metals and Oriana Investments – for about Rs 4,500 crore.

The debt-laden telecom operator said on March 3 that its board of directors had approved raising up to Rs 14,500 crore, including Rs 4,500 crore from the promoting entities – Vodafone and Aditya Birla Group. She said the sum of Rs 10,000 crore will be raised via equity or debt instruments, in one or more tranches.

Meanwhile, British telecoms giant Vodafone raised its stake in Vi to 47.61 percent through its subsidiary Prime Metals, said a regulatory filing on Monday. The company previously held a 44.39 percent stake in Vi.

Regardless, according to an OpenSignal report, Vi’s network saw 13.6Mbps download speeds – 0.4Mbps faster than Airtel users. Vi users also note the fastest average download speeds of 4.9 Mbps, putting the Vi ahead of Airtel (4.3 Mbps) and Jio (4.1 Mbps) in this category.

Jio led the trial of 4G availability and 4G coverage as users on its network spent the largest percentage of time connecting to 4G services – 99.5%. ICICI Securities said in a note that Airtel comes in second with a 4G availability score of 98.3 percent, followed by a Vi score of 92 percent.

Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we fight the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *