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Vodafone Idea shares up 31% in a month; here’s what analysts say

Shares of Vodafone Idea Ltd (VIL) climbed 3.09 per cent in Wednesday’s to hit a high of Rs 16.70. The stock was last seen trading 1.79 per cent higher at Rs 16.49. At this price, it has gained 30.69 per cent in a month.

The telecom operator said it would consider proposals for the issuance of equity shares and convertible securities on a preferential basis to vendors tomorrow (June 13).

VIL recently shared that Care Ratings Ltd (CARE) has revised its rating assigned to the long-term bank facilities and short-term bank facilities.

Technical analysts largely remained ‘positive’ on the counter. In the near term, support could be seen at the Rs 15-14.50 zone. And, a decisive close above Rs 16.70 level is required for further upside.

Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “The counter seems poised to retest the 17-17.50 zone, and a sustainable buying could only dictate the next leg of rally. On the lower end, the Rs 15-14.50 range is likely to cushion any short-term blips, with sacrosanct support lying around Rs 13.40.”

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, “The stock can test Rs 17.50 level in the near term. Keep stop placed at Rs 15.80.”

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 15 and resistance at Rs 16.70. A decisive close above Rs 16.70 level may trigger a further upside towards Rs 18.50. The expected trading range will be between Rs 14.50 and Rs 19 for a month.”

The telco has successfully raised a total of Rs 18,000 crore from its follow-on offering (FPO). It is planning to roll out its 5G services in select areas.

Vodafone Idea was formed in 2018 when Vodafone Group merged its India business with Idea Cellular. As of May 21, 2024, promoters held a 38.17 per cent stake in the company. BusinessToday

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