Vodafone Idea stock surged 4% to Rs 13.98 on the BSE, up from Rs 13.44 at the previous closing. The firm’s market capitalization climbed to Rs 66,788 crore.
On the BSE, 500.48 lakh shares of the firm changed hands, resulting in a turnover of Rs 68.11 crore.
The EGM saw the telecom operator’s board seek approval for a fund raise of Rs 20,000 crore via equity and equity-linked instruments, which it approved on February 27.
The Rs 20,000 crore funding is expected to be utilized to expand the 4G network and roll out 5G services.
The debt-ridden telecom operator Vodafone Idea Ltd saw a 4% increase in its shares during today’s afternoon session following the approval by the company’s shareholders to raise Rs 20,000 crore at an extraordinary general meeting (EGM). In contrast to the previous closing on the BSE at Rs 13.44, Vodafone Idea shares increased 4% to Rs 13.98. The company’s market value increased to Rs 66,788 crore. The company’s market value increased to Rs 66,788 crore. A total of 500.48 lakh of the company’s shares were traded on the BSE, generating a turnover of Rs 68.11 crore.
During the extraordinary general meeting (EGM), the board of the telecom operator sought approval for a fundraising of Rs 20,000 crore through equity and equity-linked instruments, which had been previously approved on February 27th.
The anticipated utilization of the Rs 20,000 crore funds includes the expansion of the 4G network and the introduction of 5G services. This fundraising initiative is a component of the company’s larger program aimed at raising a total of Rs 45,000 crore.
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Regarding technical indicators, Vodafone Idea’s relative strength index (RSI) is currently at 46.4, suggesting that it is neither in the overbought nor oversold zone. With a one-year beta of 1.1, the stock has exhibited high volatility over the past year. Vodafone Idea’s stock is trading above the 5-day, 10-day, 20-day, 150-day, and 200-day moving averages, while it remains below the 30-day, 50-day, and 100-day moving averages.
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