Vodafone Idea stock in focus as SEBI soughts clarification on stake sale to Elon Musk
Stock in focus: Vodafone Idea shares will be under the lens of market observers and investors as Securities and Exchange Board of India (SEBI) has sough clarification from the telecom company in regard to media reports on its possible tie-up with Elon Musk's Starlink. The news report claims that the Government of India (GoI) may sell its 33 per cent stake in the telecom company to tech-giant and American billionnaire Elon Musk and his satellite internet venture Starlink collaborating with the carrier.
The capital market regulator sought clarification on the news report on Monday, 1st January 2024. Vodafone Idea's reply on SEBI's query is still awaited.
Vodafone Idea informed Indian stock market bourses about SEBI soughting clarification on the news report saying, "The Exchange has sought clarification from Vodafone Idea Ltd on January 1, 2024, with reference to news .... dated January 1, 2024 quoting "Elon's Starlink Tie-Up Talks In Market Pumps Vodafone Idea To The Skies In India"." Buy or sell: Vaishali Parekh recommends three stocks to buy today — 2nd January On Friday last week, Vodafone Idea shares skyrocketed after the news reports of American billionnaire Elon Mush visiting Gujarat on 10th January 2024 for a possible tie-up with Vodafone Idea.
The news report said that Elon Musk's Starlink requires a spectrum partner in India for its space linked broadband business. This triggered strong buying in Vodafone Idea shares on Friday, which continued on Monday session as well.
On Monday, Vodafone Idea share price touched 52-week high of ₹18.40 apiece on NSE, logging over 38 per cent rally in last two sessions. Day trading guide for stock market today: Six stocks to buy or sell on Tuesday This rally in Vodafone Idea
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