Vodafone Idea (Vi) shares are surging this Friday morning ahead of the quarterly results that the company is expected to release in a few hours. Vodafone Idea, trading as Idea, opened at Rs 9.95 after closing for Rs 9.85 the previous trading day. The telco’s stock touched a high of Rs 10.35, but now at the time of writing, it is trading at Rs 10.15, which is still 3.05% in the green.
There’s no apparent reason why Vi’s stock is soaring on Friday morning. The telco is very likely going to report a loss for the September quarter as well as the first half of FY22. However, the telco asking for a deferment in payment of Rs 6,000 crore worth of license fee (LF) and spectrum usage charges (SUC) for the second, third, and fourth quarter of this fiscal year could have brought a positive impact on its stock. It is still worth remembering that the Department of Telecommunications (DoT) hasn’t approved it yet.
Bharti Airtel and RIL Stocks in the Green too
It looks like a good day for the telecom stocks as not just Vodafone Idea but also Bharti Airtel and Reliance Industries Limited’s (RIL) stocks are in the green. At the time of writing, Bharti Airtel is trading at Rs 735.85, which is 1% in the green. RIL is trading at Rs 2567.90, which is 0.52% in the green.
Airtel’s stock has been performing strongly for the last few days. Airtel had recently announced a partnership with Oracle, and the telco is also making huge strides in 5G trials.
As for Vodafone Idea, the telco will announce its financial performance report in just a few hours. It is expected that telco’s average revenue per user (ARPU) must have grown because of the removal of the base Rs 49 prepaid plan, which pushed the low-income subscribers to recharge with the Rs 79 plan instead.