Vodafone Idea Ltd. share price jumped over 9% in Friday's session as the government is mulling to waive the adjusted gross revenue dues. The telecom operator owes Rs. 2,14,700-crore payment obligations towards the government.
The Prime Minister's Office has reviewed the proposal on AGR relief for Vodafone Idea and Bharti Airtel Ltd. In case the proposal gets approved AGR dues for Vodafone Idea will get reduced to Rs 28,000 crore from Rs.83,400 crore.
The Deparment of Telecommunication pitched for relief on penalty and interest on penalty for both Vodafone Idea and Bharti Airtel Ltd.
Vodafone Idea share price jumped 9.47% to Rs 7.16 apiece, the highest level since July 30. It was trading 8.70% higher at Rs 7.12 apiece as of 1:58 p.m., as compared to 0.59% decline in the NSE Nifty 50 index.
The stock slumped 56.11% in 12 months, and 10.58% on year-to-date basis. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 55.54.
Out of 21 analysts tracking the company, four maintain a 'buy' rating, six recommend a 'hold' and 11 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.6%.
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