Birla buys 4cr Vodafone Idea shares, stock hits 1-month high
Vodafone Idea's stock popped nearly 5% to a one-month high after Kumar Mangalam Birla, a promoter, scooped up over 4 crore shares from the open market.
His move is being read as a strong show of faith in Vodafone Idea's future—especially now that the company has some breathing room on its payments until FY35.
Birla bought most of his shares at a discount
Birla bought most of his shares at a discount, spending around ₹45.5 crore in total and increasing his stake by roughly 0.03%.
For investors (or anyone curious about Indian telecom), this signals renewed optimism for Vodafone Idea just as it tries to bounce back.
Analysts are feeling more upbeat
The company trimmed its losses last quarter (net loss narrowed to ₹5,286 crore) and saw small gains in revenue and user earnings.
With Birla's fresh investment and improving numbers, analysts like Emkay are feeling more upbeat—raising their rating on the stock with an 8% upside target.