Vodafone Idea (Vi) has seen some positives in the market. The bullish sentiment is working well for the financially struggling telco. Vi’s share or stock has surged on Friday morning. The company’s stock had seen strong growth on Thursday, and the momentum has continued on Friday morning as well. The current stock price of Vodafone Idea at the time of this writing is Rs 7.70, which is 7.69% above, and is oscillating between Rs 7.75 – Rs 7.70, which means the stock is seeing a growth of well over 8%. But why is Vodafone Idea’s stock rising again when its financials haven’t improved. Here’s why.
Vodafone Idea Pushing for Relief for Telecom Sector
The reason why Vodafone Idea’s stock is trending and rising right now is the meeting that took place between the telecom minister Ashwini Vaishnaw and Kumar Mangalam Birla. While the contents of the meeting haven’t been revealed to the public, many assume that Birla must have met the minister to talk about the relief measures that will be provided to the telecom sector.
Vodafone Idea fans and investors are only waiting for the company to get some relief from the government. The reports of the meeting came on Thursday, and on the very same day, Vi’s stock had surged 18% and closed at Rs 7.15.
On Friday, Vodafone Idea’s shares opened even higher at Rs 7.30 and touched a high of Rs 8.10 in the morning session. The talks between the two parties have got the market excited about Vi. But things should cool down soon as it isn’t clear when will the government bring relief measures for the telcos.
On Friday, the stock of Reliance Industries Limited (RIL) is also performing in the green, and it is because of the bullish sentiment that the market has. Bharti Airtel’s stock has also seen new highs and is trading at much higher than the last week because of the fundraising announcements.