Vodafone Idea Share Price Soars by 12% in One Day
Debt-ridden telecom operator Vodafone-Idea Ltd surprised investors on Friday as its shares surged by 12 percent in a single day. This marks an 80 percent gain from its 52-week low price level.
Shares Reach Rs 10 for the First Time in a Year
Vodafone Idea Company’s shares have reached the price of Rs 10 for the first time in the past year. Initially trading at Rs.118, the company’s shares plummeted to Rs 3.30 due to the debt market. However, on September 1, 2023, the shares closed at Rs 10.05, recording a gain of 11.05 percent.
Telecom Operator Witnesses Significant Growth
Vodafone-Idea Limited’s shares experienced a similar boom between September-December 2012 and January-February 2013. In fact, the stock has seen the upper circuit in seven of the last nine trading sessions, with an overall increase of 80 percent from its 52-week low price of Rs 5.7 in 2023.
18% Increase in Share Price within Five Days
In the last five trading sessions alone, the share price of Vodafone-Idea Limited has surged by 18 percent. On Friday, the stock opened at Rs.9:15 and reached its 52-week high of Rs 10:40 during the day’s trading session.
Investors Optimistic about Vodafone Idea Company
Vodafone Idea Company has provided a 12.29 percent return to its investors over the past year. The recent news that the company will pay its June 2023 quarter arrears and spectrum installments in September 2023 has prompted investors to buy the stock. The company is required to pay Rs 770 crore as a license fee by July 2023 and Rs 1,680 crore as the first installment of the spectrum purchased last year.
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