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Vodafone Idea share: Shares of Vodafone Idea Ltd continued their upward trajectory, surging 4.64% to Rs 17.78, marking the third consecutive session of gains. Reports circulating suggest that the government is contemplating the sale of its 33% stake in Vodafone Idea to tech tycoon Elon Musk’s Starlink, fueling investor optimism.
Since closing at Rs 13.24 on December 28, the stock has witnessed a remarkable 39% surge, propelling the firm’s market cap to Rs 82,414 crore. The trading activity saw 188.05 lakh shares changing hands, amounting to a turnover of Rs 32.31 crore on BSE.
“Amidst the surge, both BSE and NSE have sought clarification from the telecom service provider regarding the government’s stake sale reports. As of now, Vodafone Idea is yet to respond to the queries posed by the stock exchanges”.
From a technical perspective, the relative strength index (RSI) stands at 76.3, indicating that the stock is currently trading in the overbought zone. The one-year beta of Vodafone Idea is 0.7, reflecting low volatility during this period. The stock is trading above various moving averages, including the 5-day, 10-day, 20-day, 50-day, 100-day, 150-day, and 200-day moving averages.
“Despite the stock’s recent surge, concerns linger regarding its financial performance. In the second quarter of the current fiscal year, Vodafone Idea reported a widened net loss of Rs 8,738 crore, compared to a net loss of Rs 7,596 crore in the same period last year. The telco did note a rise in average revenue per user (ARPU) to Rs 142 in Q2FY24, along with flat revenue at Rs 10,716 crore compared to the year-ago period”.
As investors closely monitor the developments surrounding the potential stake sale and the company’s financial health, the stock’s movement will likely remain in the spotlight, influenced by the outcome of the government’s decision and broader market sentiments.
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