Vodafone Idea jumped 11% to Rs 11.68, extending its winning run to eleventh consecutive trading session.
The telecom operator has soared 111.6% in eleven trading sessions from its previous closing low of Rs 5.52 on 21 May 2020. In last one month, the stock has rocketed 180% as against a 9% rise in the Sensex.The recent demand in the stock was triggered by the media reports that Google was considering buying 5% stake in the Indian telco. Vodafone Idea, however, clarified on 29 May that it constantly evaluates various opportunities for enhancing the stakeholders' value. Currently, there is no proposal as reported by the media that is being considered at the board.
Reacting to the media report, a foreign brokerage reportedly stated that such a deal would be a strategic positive for Vodafone Idea but have little impact on leverage. Capital raise could become easier if Google invests, it added.
On a consolidated basis, Vodafone Idea reported a net loss of Rs 5,807.24 crore in Q3 December 2019 as against a net loss of Rs 4,203.97 crore in Q3 December 2018. Net sales fell 5.75% to Rs 11,076.20 crore in Q3 December 2019 over Q3 December 2018.
Vodafone Idea operates as a telecom service provider. The company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment.
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