Vodafone (NASDAQ:VOD) Idea Ltd has marked its fourth consecutive day of gains, with its shares climbing 4.12% to reach a 52-week peak of ₹14.65 on Thursday. The telecom operator's share price has seen a significant upturn, doubling in value over the past six months, which has pushed the company's market capitalization to ₹70,196.11 crore.
The trading volume on the Bombay Stock Exchange (BSE) saw about 2.01 crore shares changing hands, amounting to a turnover of ₹28.93 crore (INR10 crore = approx. USD1.2 million). However, this was below the two-week average volume of 5.51 crore shares. Despite this surge in share price, sell orders dominated with 93.93 lakh against buy orders of only 34.30 lakh.
The rally in Vodafone Idea's stock seems to be buoyed by a recent decision from the Bombay High Court directing the Income Tax department to refund ₹1,128 crore plus interest to the company within the next 30 days. The court order was disclosed by Vodafone Idea in an exchange filing and follows CEO Akshaya Moondra's statement during an earnings call that discussions related to funding were moving forward and were expected to be concluded within this quarter.
From a technical perspective, analysts are observing key levels for Vodafone Idea's stock. Anand Rathi Shares and Stock Brokers noted that the stock has found support at the ₹12.50 level and faces resistance near its December 10, 2021, high of ₹16.80. Moreover, DRS Finvest has set a near-term price target of ₹15.50 for the stock and recommended a stop loss at ₹12.50.
The company's stock performance indicators show that it traded above its various period Simple Moving Averages (SMAs), signaling continued investor interest. The Relative Strength Index (RSI) stood at an overbought level of 71.90, and the one-year beta was reported at 0.6, indicating low volatility compared to the broader market.
As of September, promoters held a stake of 50.36% in Vodafone Idea, maintaining substantial control over the company's operations and decision-making process as it navigates through its financial strategies and capital-raising efforts.
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