Vodafone Idea up 10% on Reports of AGR Waiver
Following reports of the government's plan to waive off adjusted gross revenue (AGR) for telecom companies, shares of Vodafone Idea were up by 10% today.
Vodafone Idea up 10% on Reports of AGR Waiver
Following reports of the government's plan to waive off adjusted gross revenue (AGR) for telecom companies, shares of Vodafone Idea were up by 10% today. Vodafone Idea shares opened 10% higher at ₹10.03, compared to its previous close of ₹9.12. As of 9:35 am, the stock was trading at ₹10.03.
As per an Economics Times report, the centre is looking forward “to waive 50 per cent of interest and 100 per cent of penalties and interest on penalties.” Notably, this amount makes up the lion's share of AGR dues that were levied on telcos including Vodafone Idea and Bharti Airtel following Supreme Court’s 2019 order. Revenue earned by telecom operators via its core services is known as AGR.
Telecom companies’ gross revenue surged by 10.5% YoY at ₹91,426 crore in the July- September 2024 quarter, led by tariff hikes. AGR was up by 13.11% YoY at ₹₹75,310 crore.
Vodafone Idea's AGR rose 4.39% to ₹7,836.98 crore from ₹7,507.65 crore.
How have the shares performed?
Shares of Vodafone Idea have surged during the last five trading sessions. By looking at today’s jump at ₹10.03, the stock has risen past 30% in the past 5 sessions.
Omega Telecom Holdings Private Limited, which held 0.40% (279,017,784 equity shares) in the company, acquired an additional 1,084,594,607 equity shares via a preferential issue.
Previously, the stock hit a 52-week high of ₹19.15 on June 28, which was followed by a 52-week low of ₹6.60 on November 22 last year. As of 10:56 am, shares of Vodafone Idea are trading at ₹9.88, up 8.45%.
