Vodafone Idea Corrects After Five-Day Gains

Vodafone Idea fell 5.10% to Rs 11.36 at 15:00 IST on BSE on profit booking after a recent rally.

Meanwhile, S&P BSE Sensex was down 197.70 points or 0.50% at 39,017.94.

On BSE, 26.98 lakh shares were traded in Vodafone Idea counter, compared to a 2-week average of 162.87 lakh shares. The share price hit an intraday high of Rs 11.97 and an intraday low of Rs 11.32. It hit a 52-week high of Rs 37.45 on 24 July 2018 and a 52-week low of Rs 11.14 on 19 June 2019.

Shares of Vodafone Idea gained 6.21% in the past five trading sessions to settle at Rs 11.97 yesterday, 17 July 2019, from its close of Rs 11.27 on 10 July 2019.

Vodafone Idea announced after trading hours on 16 July 2019, that Brickwork Ratings has revised its credit rating on Vodafone Idea’s non-convertible debentures (NCDs) to ‘BWR A+ (Outlook: Negative)’ from ‘BWR AA- (Outlook: Negative)’. Following the announcement, the Vodafone Idea stock rose 1.44% to end at Rs 11.97 yesterday, 17 July 2019.

Meanwhile, media reports suggested earlier this week that Vodafone Idea has given its 10,000-odd employees an average raise of 9% and a bonus payout of 97% across levels.

On a consolidated basis, Vodafone Idea reported a net loss of Rs 3,736.32 crore in Q4 March 2019 as compared with a net loss of Rs 962.20 crore in Q4 March 2018. Net sales jumped 91.8% to Rs 11,740.60 crore in Q4 March 2019 over Q4 March 2018.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is an Indian telecom service provider. The company provides pan-India voice and data services across 2G, 3G and 4G platforms.―Business Standard