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Vodafone Idea shares surge on PMO's potential intervention
Vodafone Idea's stock shot up 9.3% on Thursday after reports that the PMO might step in with a relief package to help the company manage its huge AGR (Adjusted Gross Revenue) debt—about ₹83,400 crore, with big payments due from March 2025.
Package could provide breathing room to Vodafone Idea
If approved, the package could give Vodafone Idea some much-needed breathing room: think a two-year break from payments, easier repayment terms, and waivers on penalties and interest.
Possibility of government support fuels stock surge
India's Department of Telecommunications has suggested these measures to address Vodafone Idea's funding crunch.
CEO Akshaya Moondra has said it's tough to raise money while these debts hang over them.
The possibility of government support sent positive vibes through the market, fueling Thursday's stock surge.