Vodafone Idea stock jumps after SBI-led ₹35,000 cr funding update
Vodafone Idea's stock has jumped almost 45% in the past month, with a 6.5% boost just this week, closing at ₹13.71 on Friday.
The surge kicked off after CEO Abhijit Kishore shared that the company is close to locking in a massive ₹35,000 crore funding deal led by SBI, big news for investors and anyone watching India's telecom scene.
Vodafone Idea March profit largely 1-time
The company posted a hefty net profit of ₹51,970 crore for the March quarter, mostly thanks to a one-time accounting gain.
Take that out, and revenue still grew 2.9% year-over-year to ₹11,332 crore, while EBITDA went up 4.9% to ₹4,890 crore.
Vodafone Idea is also gearing up to roll out its 5G network in West Bengal by June and signed agreements to acquire a 26% stake in MTK Quantum Green Energy Pvt Ltd, moves aimed at cutting energy costs and staying competitive.