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HomeMarket NewsVodafone Idea crosses its FPO price of ₹11 for the first time after September 2024
On the charts, Vodafone Idea continues to trade above all of its key moving averages. The stock's Relative Strength Index (RSI) is now nearing "overbought" territory, with the RSI at 70. A reading above 70 means that the stock is in "overbought" territory.
Shares of Vodafone Idea Ltd. gained as much as 5% on Friday, November 14, extending its gains for the fourth straight session. With this move, the stock has now crossed its Follow-on Public Offer (FPO) price of ₹11 per share.
Vodafone Idea's shares have risen 15% in this four-day rally on hopes of more forthcoming relief on its AGR dues. The stock has nearly doubled from the August lows of ₹6.12.
The company had raised ₹18,000 crore in April 2024 through a Follow-on Public Offer (FPO), making it the country's largest FPO till date. The offer price was fixed as ₹11 per share. The stock had rallied to a 2024-high of ₹19.18 before a sharp correction.
The debt ridden telecom operator received major relief from the Supreme Court, after it clarified that any potential relief to the company will be with regards to its overall AGR dues, and not just the additional demand.
Vodafone Idea also reported results for the September quarter recently, where its net loss narrowed to the lowest in 19 quarters, and its Average Revenue Per User (ARPU) also improved to ₹167 from ₹165 in the previous quarter.
On the charts, Vodafone Idea continues to trade above all of its key moving averages. The stock's Relative Strength Index (RSI) is now nearing "overbought" territory, with the RSI at 70. A reading above 70 means that the stock is in "overbought" territory.
Shares of Vodafone Idea are trading 4.2% higher at ₹10.9. The stock is up 38% so far in 2025, having doubled in value in 2023.
