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Vodafone Idea Shares Surge 8% Amidst Strategic Funding Talks and Competitive Challenges
Share price of Vodafone Idea rose 8 percent in one day today. That is, the stock price rose by 8 percent to Rs.17.60 in the morning trade on February 23. The stock was up 6 percent in trading on February 22. Investors are happy as the stock price has been rising for two consecutive days.
Share price of Vodafone Idea rose 8 percent in a single day today. That is, the stock price rose by 8 percent to Rs.17.60 in the morning trade on February 23. The stock was up 6 percent in trading on February 22. Investors are happy as the stock price has been rising for two consecutive days.
Debt-ridden Vodafone Idea is mulling ways to raise funds. In other words, the Board of Directors meeting of Vodafone is going to be held on February 27 to consider raising funds in any way through rights issue, public offer, preferential allotment. Following this announcement, the company’s share price has risen significantly. Investors are happy with this.
In the third quarter of the financial year 2023-24, the company will generate Rs. 6,985.9 crore net loss. This was a decline of 12.56 percent compared to Rs.7,990 crore in the corresponding period of the previous year.
However, revenue for the same quarter was Rs 10,673.1 crore. It was Rs 10,621 crore in the third quarter of the previous financial year.
Vodafone Idea’s competitors Jio and Airtel are offering 5G internet service. But Vodafone Idea has not yet taken the initiative. Due to this, many telecom customers are switching to other company’s services. Apart from this, the company is saddled with huge debt.
In this situation, the share price of Vodafone Idea has increased by 8.90 percent and is trading at Rs.17.75 at 2.15 pm.
