Vodafone Idea jumped 8.66% to Rs 15.69 extending its winning run to fourth consecutive trading session.
Shares of Vodafone Idea have surged nearly 42% in four trading sessions from its previous closing low of Rs 11.07 posted on 30 November 2021. The counter hit a 52-week high of Rs 15.88 in intraday today. The stock has zoomed 245% from its 52-week low of Rs 4.55 recorded on 5 August 2021.in last one month the counter has jumped 56.4% as compared to a 5% fall in Nifty 50 index.
The counter saw demand after media houses reported that Department of Telecom has released bank guarantees of Vodafone Idea along with peers Bharti Airtel and Reliance Jio. Bank guarantees were deposited for license fees and spectrum charges. The move is part of a telecom sector reform package announced by the Government in September earlier.
The stock also saw buying after telecom service provider on 23 November hiked its tariff plans for prepaid users by 20-25%. "The new plans will start the process of ARPU improvement and help address financial stress faced by the industry," the company said in a filing with the exchange.
On the technical front, the stock's RSI (relative strength index) stood at 81.205. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 10.9 and 9.34 respectively. These levels will act as crucial support zones in near term.
Vodafone Idea reported a consolidated net loss of Rs 7,132.3 crore in Q2 FY22 as against a net loss of Rs 7,218.2 crore in Q2 FY21. Revenue for Q2 FY22 came at Rs 9,410 crore, an improvement of 2.8% QoQ, aided by pick up in the economic activities and easing of lockdown/restrictions induced by severe second wave of COVID, which impacted Q1 FY22.
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