Vodafone Idea share price: Following the conclusion of the bidding on Monday for the Vodafone Idea FPO (Follow-on Public Offer), there was significant buying activity today that helped the telecom stock rise by 10% during Tuesday’s trading.
Vodafone’s Stock Surges on Optimism Over FPO Subscription Status
Vodafone’s stock opened higher today at ₹13 a share and reached an intraday high of ₹14.75. The stock, however, pulled back from its intraday high and is currently trading at ₹14.30, up about 10% from its NSE close on Monday of ₹12.90. Experts in the stock market claim that Vodafone’s shares are rising due to the short-term optimism surrounding the status of the FPO subscription.
They claimed that thanks to the robust response from international institutional investors, the FPO was able to reach its full subscription target. Given that the business has produced the desired amount, investors with short-term investment horizons are viewing the Vodafone Idea shares favorably in light of this development.
Vi Share Price Surges on Strong Response to FPO
Manish Chowdhury, Head of Research at StoxBox, explained why the Vodafone Idea share price was up today: “A strong response to the ₹18,000 crores FPO which closed for subscribers yesterday can be attributed to the uptick in Vodafone Idea share price today.” Global institutional investors responded favorably to Vodafone Idea FPO, which has pleased Dalal Street bulls.
We think that investors are growing more optimistic about the company’s future prospects for a turnaround. We think that the company’s emphasis on rolling out 5G, upgrading 2G sites to 4G sites, and the recent infusion of promoter funds are the main advantages that are currently attracting market interest.”
Expert Outlook on Vodafone Idea Shares and Investment Strategy
Sumeet Bagadia, Executive Director at Choice Broking, provided the following outlook on Vodafone Idea shares: “Shares of Vodafone Idea are poised for a new high at ₹14.30 a share. In the short term, Vodafone Idea shares may reach levels of ₹17 to ₹18 per share if the stock breaks out above ₹14.30 on a closing basis.
Therefore, it is recommended that Vodafone Idea stockholders keep their stop loss at ₹11 until the stock drops to ₹14.50. After Vodafone’s stock closed above ₹14.30 per share, investors should raise their stop loss to ₹12.50 and hold onto their shares until the short-term goal of ₹17 to ₹18 per share is reached.”
Regarding the advice for new investors, Sumeet Bagadia stated that it is not a good idea to make new investments at the moment. Either wait for the breakout to occur or for the current levels to correct.
A new investor can purchase Vodafone Idea shares or aim for the short-term target of ₹17 to ₹18 in the event of a breakout at the level of ₹14.30 per share. When investing in this telecom stock after the breakout, one must, nevertheless, keep the stop loss at ₹12.50 per share, according to Bagadia.
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Vi FPO Subscription Status and Market Anticipation
The Vodafone Idea FPO’s bidding ended on Wednesday. According to the Vodafone Idea FPO subscription status, over six subscriptions were made to the follow-on public offer, with over 17 subscriptions made for the QIB portion and over 4 bookings for the NII portion. The Vodafone Idea FPO allotment date and listing date are now the center of attention. While the Vodafone Idea FPO listing is anticipated on April 25, 2024, the Vodafone Idea FPO allotment is anticipated today. Market watchers report that Vodafone Idea’s FPO GMP is ₹1.20 today, down ₹0.10 from ₹1.30 on Monday.
