Vodafone Idea shares jumped by 9%

By :  Sachin Gupta 

Published : 23 February 2024

Following the announcement of a board meeting to discuss fundraising on February 27, 2024, Vodafone idea stocks went on to reach an intraday high of ₹17.75 per share on NSE, marking a 9 percent intraday gain from its previous close of ₹16.30 per share.

Vodafone Idea shares jumped by 9%:

On February 27, Vodafone Idea's board of directors will meet to discuss funding opportunities. The capital raising may be accomplished by the issuance of stock shares or through any other kind of instrument, such as bonds, including foreign currency convertible bonds, global depository receipts, American depository receipts, or securities convertible into equity shares.

Vodafone Idea to consider fundraising

The Vodafone Idea share's chart pattern indicates a bullish outlook. It is recommended that investors in the firm hold onto their shares with a stop loss at ₹16 per share in order to achieve the immediate objective of ₹18.50 per share. After maintaining above the ₹18.50 mark, they can rise to ₹21 per share. 

Vodafone Idea share price target

The stock increased by roughly 10% in the previous five days and by nearly 2.3 times in the last six months. Over the last year, the stock has increased by over 165%. But in the last five years, it wiped out 1.7% of investors' wealth. 

Stock increased by 10% in last 5 days

The company's net loss for Q3FY24 was Rs 6,985.9 crore, which is a 12.56% decrease from Rs 7,990 crore in the same period last year. Over the same period, revenue increased by 0.49% to Rs 10,673.1 crore from Rs 10,621 crore in the third quarter of the previous fiscal year. The company's EBITDA, increased by 140 basis points to 40.8 percent during the quarter from 39.4 percent during the same period last year. 

Vodafone Idea Q3 Results Highlights

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