Vodafone Idea Ltd’s stock rose to a 52-week high on New Year’s Day to ₹18.42, amid news reports claiming that the government could sell its 33% stake in Vodafone Idea to tech-billionaire Elon Musk and his satellite internet venture Starlink collaborating with the carrier. Securities and Exchange Board of India (Sebi) sought a clarification from India’s third-largest telecom service provider on the development. Though the stock saw huge delivery based buying over the two sessions , the Vodafone Idea futures contract didn’t witness much of a change in positions, indicating that traders in the futures segment might not have been as euphoric as those in the cash segment.
Over the past two trading days, the stock surged 28.3%, from ₹13.25 on 28 December to ₹17 on 1 January with the stock hitting an intraday high of ₹18.42 on Monday. It was the top traded stock on the NSE, accounting for a traded value of ₹3,095.6 crore, ahead of heavyweights like BHEL and Yes Bank, which benefited from the buzz surrounding Vodafone Idea, and HDFC Bank. On Friday, higher demand led to the stock surging by 21%.
Over the two sessions, the stock witnessed a delivery of 671 million shares. On Friday 407 million Vodafone shares were delivered, a level not seen in a year. Monday’s delivery of 264 million shares signalled continued interest after the stock rose 6.25% on a day the Nifty remained flat.
A Mumbai-based broker said increased activity on the cash counter was due to expectations of a global investor acquiring a stake in the struggling telecom services provider. Besides, expectations of spectrum fees waiver was considered as a significant cost-saving factor for the company. However, a government official said that no such discussions were
. Read more on livemint.com