Vodafone Idea shares up 30% in 2 days .. what is the reason ..?!
Vodafone Idea, one of India’s top 3 telecom service providers, has shocked stock market investors by growing by almost 30 per cent in the last two days. We are now going to see what is the reason for this action development.
Vodafone Idea
Vodafone Idea is not only having high debt and outstanding fees but is also rapidly losing the number of customers. Meanwhile, Airtel is also preparing to raise telecom tariffs.
In this situation, the entire Vodafone Idea company is operating with the important goal of somehow saving the company from going bankrupt.
Kumar Mangalam Birla
Meanwhile, Kumar Mangalam Birla, a key partner of Vodafone Idea, has met Telecom Minister Ashwani Vaishnav in person to brief the central government on Vodafone Idea.
Chairman of Vodafone Group
Vodafone Group Chairman Nick was in India on the same day. The federal government is also planning to make some significant concessions to save Vodafone Idea.
Vodafone Idea senior executives
For this, senior executives of Vodafone Idea have been meeting government officials directly for the past one week. But the meeting between Kumar Mangalam Birla and Ashwani Vaishnav is seen as very important among stock market investors.
Vodafone Idea Shares
Shares of Vodafone Idea traded at Rs 5.90 on August 31 and rose to Rs 8 this morning. Shares of Vodafone Idea closed 30 per cent higher at Rs 7.20 today. The hike is expected to give Vodafone Idea a significant boost to equity investors.
Letter from Kumar Mangalam Birla
Kumar Mangalam Birla, a major shareholder in Vodafone Idea, wrote a letter to Parliamentary Secretary Rajiv Gupta to save his 27 per cent stake in the government or a state-owned company to save the company.
Vodafone plc CEO Nick
Meanwhile, Nick, CEO of Vodafone plc, told market analysts that no more stock investments in India will come from our side.
20 years grace period
In this case, the Supreme Court has ordered the telecom companies to pay the AGR fees in full within the next 10 years, i.e. by March 31, 2031, after giving the telecom companies 20 years to pay their AGR fees.
Attempt of the Central Government
In this situation, the federal government can now offer Vodafone Idea and Airtel to repay their tariffs in 20 years, what are the procedures ..? What are the structures ..? Government officials said they were investigating. But however currently no official announcement has been taken from the facet of government.
30,000 crore debt
Vodafone Idea owes the government and Indian banks about $ 30,000 crore, or $ 4.04 billion in arrears.
Bank loans
Vodafone Idea has been heavily lent by Yes Bank, IDFC First Bank and IndsInd Bank. Along with these 4 banks many more private and government banks and financial institutions have lent.
Chairman, SBI Bank
Vodafone Idea-Government Executive Chairman and CEO Ravinder Thackeray, SBI Bank Chairman Dinesh Kumar Kara and Telecom Secretary Anshu Prakash co-chaired the meeting last week.
