Vodafone Idea’s share price surged 13.26% to ₹15.05 on the NSE after CARE Ratings upgraded the company’s long-term bank facilities from B+ to BB+ with a stable outlook. The short-term bank facilities were also upgraded from A4 to A4+.
This announcement, made after market hours on Tuesday, comes after the stock dropped nearly 17% to ₹13.20 following the election results, which showed the Bharatiya Janata Party (BJP) did not secure a majority on its own but is expected to form a government with its allies.
While some brokerage firms maintain a ‘sell’ rating, predicting a drop to ₹8, there is a bullish scenario with a target of ₹200. This optimistic view assumes significant tariff hikes and retaining the current subscriber base.
Vodafone Idea’s net loss for Q4 FY24 increased to ₹7,675 crore from ₹6,986 crore in the previous quarter. Despite financial struggles, the company reported its highest-ever quarterly EBITDA since the 2018 merger, amounting to ₹2,180 crore.
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