Parts of indebted Telecom company Vodafone Idea Ltd saw a 4% increase in afternoon trading today following the approval of the company's shareholders to raise Rs 20,000 crore through an extraordinary general meeting (EGM). In contrast to the previous closing on the BSE at Rs 13.44, Vodafone Idea shares increased 4% to Rs 13.98. The company's market value increased to Rs 66,788 crore. The company's market value increased to Rs 66,788 crore. A total of 500.48 lakh of the company's shares were traded on the BSE, generating a transaction of Rs 68.11 crore.
The telecom operator's board was asking for approval at the EGM to raise funds through stock and equity-linked instruments totaling Rs 20,000 crore, an amount that the board had authorized on February 27.
It is anticipated that the Rs 20,000 crore in funding would be utilized to launch 5G services in addition to expanding the 4G network. The company's plan to obtain Rs 45,000 crore in funding includes this money raise.
Technically speaking, Vodafone Idea's relative strength index (RSI) is 46.4, indicating that it is neither trading in the overbought or oversold regions. The one-year beta of Vodafone Idea's stock is 1.1, suggesting significant volatility throughout that time. The 5 day, 10 day, 20 day, 150 day, and 200 day moving averages are all being exceeded by Vodafone Idea shares, while the 30 day, 50 day, and 100 day moving averages are being undercut.
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