Vodafone Idea Ltd. share price jumped to the highest level in over four months on high volumes. Its 10.20 lakh shares were traded on National Stock Exchange as of 12:20 p.m.
Total traded volume so far in the day stood at 0.64 times its 30-day average.
The Supreme Court will hear the case on fresh adjusted gross revenue dues of Rs. 9,450 Crore on Friday. Vodafone Idea has sought an early hearing on its petition.
The troubled telecom service provider moved to the apex court las week direction to the Department of Telecommunications to 'comprehensively re-assess and reconcile all AGR dues for the period up to fiscal 2016-17 following the 'Deduction Verification Guidelines' dated Feb. 3, 2020.
The Supreme Court refused to review its 2021 order rejecting their pleas to rectify alleged errors in the calculation of adjusted gross revenue dues in May. This was a huge setbacks for telecom companies like Bharti Airtel, and Vodafone Idea.
Following this, the telecom service providers had argued that there were cases of duplication of entries and arithmetical errors.
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Vodafone Idea share price rose 7.05% to Rs 8.2 apiece, the highest level since April 25. It was trading 6.66% higher at Rs 8.16 apiece compared to 0.02% decline in the NSE Nifty 50 index.
Vodafone Idea share price has recorded a winning streak of four days.
The stock declined 38.37% in 12 months, and 2.77% on year-to-date basis. The relative strength index was at 71.60, which implied the stock is overbought.
Out of 22 analysts tracking the company, four maintain a 'buy' rating, six recommend a 'hold' and 12 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.3%.
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