In a surprising turn of events, Vodafone Idea (VI) witnessed a 20% surge in share prices during the last market session of 2023, reaching their one-year high. Despite recent low profits, VI shares rallied, hitting ₹16 from ₹13 in a single trading session.
The spike is attributed to a significant deal where VI sold 16.05 crore shares, amounting to ₹233 crore. This move comes as VI faces a looming deadline for fund-raising, set to end on December 31. Talks with various banks are ongoing, and an extension is anticipated.
VI’s strategic steps include discussions about a 5G rollout plan in India, highlighting the company’s commitment to technological advancements. Notably, VI made a substantial payment of ₹1700 crore to the Department of Telecommunications earlier this year, positively impacting shareholder sentiments.
In the last six months alone, VI shares have surged by an impressive 113%, marking 2023 as the company’s best-performing year on the stock market since its listing in 2007. Ongoing talks with lenders and banks aim to secure around ₹2000 crore for VI to mitigate losses and prepare for the anticipated 5G rollout.
As VI shareholders double their investments, the telecom giant navigates a pivotal moment, leveraging financial maneuvers to fortify its position in the market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
