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Vodafone Idea Stock: Vi\’s net loss for the fiscal fourth quarter expanded to Rs 7,675 crore, up from Rs 6,986 crore in the previous quarter. The telecom company faces challenges from high debt and ongoing customer losses to competitors like Reliance Jio and Bharti Airtel.
Vodafone Idea Share Price: Kotak Institutional Equities, a domestic brokerage, reiterated a sell recommendation for Vodafone Idea, citing it as a high-risk, high-reward opportunity. They maintained that under bullish conditions, the stock could potentially rise to Rs 23, assuming a significant 10% 10-year ARPU CAGR.
Three brokerages predicted that Vodafone Idea\’s net loss might have widened in the March quarter. It is expected in the range of Rs 7,307.20 crore to Rs 7,680 crore. Its revenue for the quarter is likely to be around Rs 10,690 crore.
Vodafone Idea shares tumbled 10% to Rs 11.8 in Thursday\’s NSE trading session following the listing of its follow-on public offer (FPO) shares on the bourses. However, the shares opened at a 7.2% premium compared to their FPO issue price of Rs 11.
Vodafone Idea FPO allotment done. Investors can check status on BSE or Link Intime India. VI plans 5G rollout soon, but analysts cautious on market share gains. Govt stake concerns may limit upside.
Vodafone Idea FPO allotment done. Investors can check status on BSE or Link Intime India. VI plans 5G rollout soon, but analysts cautious on market share gains. Govt stake concerns may limit upside.
In an exchange filing on Monday, Vodafone Idea stated: \”We wish to inform you that the Board, at its meeting held today i.e. 22 April 2024, has approved and adopted the prospectus dated 22 April 2024 (the “Prospectus”), in connection with the Offer.\”
Last week, Vi had raised Rs 5400 crore from 74 anchor investors by allotting 4.91billion shares at Rs 11 apiece.
Rajiv Jain\’s GQG Partners, which had invested nearly Rs 1,350 crore in Vi’s anchor book, continued to invest in the FPO. Additionally, several other foreign institutional investors, such as Capital Group and Fidelity Investments, subscribed to the issue, according to banking sources.
Shares of Vodafone Idea dropped 5% to Rs 12.23 in today\’s trading, ahead of the closure of its Rs 18,000 crore follow-on public offer. Vi attracted Rs 5,400 crore from 74 anchor investors, featuring prominent names like GQG Partners and Morgan Stanley.
Sanjiv Bhasin from IIFL Securities offers insights on various stocks and sectors. He recommends Idea, Vedanta, Maruti, Indiabulls Real Estate, and Vodafone Idea. Bhasin says: \”For me, today belongs to Vodafone Idea. This FPO is the only opportunity to get the stock at Rs 11. This is going to be the stock of the year.\” His analysis covers HDFC Bank, Reliance Industries, GAIL, Wipro, and HCL Tech among others.
The QIB portion was subscribed 61% on the opening day, marking a promising start. Typically, QIBs tend to bid on the final day of the offer. The majority of bids in the QIB portion came from foreign institutional investors (FIIs).