Vodafone Idea Stock Surges

Vodafone Idea shares saw a 9% surge during Monday's session, reaching their highest level since February 2022.

The stock has consistently traded above ₹10 in the past six trading sessions, now at double its 52-week low of ₹5.7.

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Market analyst Mehul Kothari believes the stock could test levels around ₹12-13 in the short term and possibly reach ₹15-17 in the coming months.

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The stock is currently showing strong support between ₹9 and ₹10, suggesting a positive trend.

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– Vodafone Idea has been in talks with a promoter group for financial assistance of up to ₹2,000 crores. Recent fundraising plans have also gained momentum.

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In the first quarter of the current financial year, Vodafone Idea reported a consolidated net loss of ₹7,840 crores, compared to ₹7,295.7 crores in the same period last year.

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Vodafone Idea's consolidated operating revenue increased by 2.3% to ₹10,655.5 crores in the same quarter, showing signs of recovery.

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The average revenue per user (ARPU) for Vodafone Idea customers increased to ₹139 in the June quarter, up from ₹128 in the same quarter last year.

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Market experts suggest that the stock's immediate resistance is around ₹13, and it has the potential to rise by 10-12% in the short term.

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Despite past financial challenges, Vodafone Idea's recent performance and strategic moves have instilled confidence in investors and analysts.

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