Vodafone Idea shares surged further than 3 percent on Thursday after a media report said the telco is targeting afour-fold jump in periodic capital expenditure to take on stronger rivals.
At 947 am, shares of Vodafone Idea were trading1.2 percent advanced at Rs15.15 on BSE. The stock has gained after four days of successive cascade.
The upmove came after a report said Vodafone Idea is targeting afour-fold jump in periodic capital expenditure to$ 2 billion, the company’s top operation has said, as it looks to take on stronger rivals.
The operation also added that equity backing- including from promoters-is set to be tied up by March, the report noted.
Still, with the broader request coming off its day’s high, the stock canceled its early earnings. At 1006 am, the stock was down0.4 percent at Rs14.91 on BSE.
Another development was that Krishnan Ramachandran and Suresh Vaswani have beenre-appointed as Independent Directors of Vodafone Idea.
Ramachandran has been reappointed as an Independent Director for a alternate term of three times, effective from December 27, 2021, and Vaswani has been reappointed as an Independent Director for a alternate term of three times, effective from February 8, 2022, Vodafone Idea said in an exchange.
In the once month, shares of the telecom driver have jumped 50 percent as compared to Nifty500 that has fallen nearly 4 percent.
Vodafone Idea in its recent investor donation has said its strategy includes riveted network investments, enterprise to drive average profit per stoner enhancement and driving hookups and digital profit aqueducts, and these are likely to drive cash generation, the telco had added.
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