Emirates Telecommunications Group has increased its stake in Vodafone Idea to 14.6% from 14%. It is likely to increase its stake further, to 15%, in the company. The news of this stake increase was the reason why the stock of Vodafone Idea gained today. Vodafone Idea’s stock is up by more than 4% today.
The company’s stock has declined by more than 17% ,year-to-date , in 2023. Benchmark Nifty 50 index has come down by only 2.02% in this period. Vodafone Idea is a heavily indebted company. It also needs cash to meet the intense competition that it faces from Reliance Jio and Bharti Airtel. It is lagging behind these competitors in the area of 5G services. So any infusion of cash through equity is a welcome relief for the company.
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