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    IDEA   INE669E01016

VODAFONE IDEA LIMITED

(IDEA)
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Vodafone Idea : Indian shares extends record rally; Vodafone Idea surges

09/16/2021 | 06:39am EDT
The Bombay Stock Exchange building is seen from a facade in Mumbai

BENGALURU (Reuters) - Indian shares extended their record runs on Thursday, as a surge in bank stocks boosted the broader index, while debt-laden Vodafone Idea soared after the federal government announced a support package for telecom companies.

The blue-chip NSE Nifty 50 index ended 0.6% higher at 17,629.5, having cleared a record level of 17,644.6 earlier, while the benchmark S&P BSE Sensex ended 0.7% higher at 59,141.16 after hitting an all-time peak of 59,204.29.

The subindex for public sector banks surged over 5% to its highest in over two months, while the broader sector for banking stocks advanced over 2% to a record high.

Meanwhile, the country's finance minister, due to address media at 5 p.m. local time (1130 GMT) on Thursday, is likely to give details on the creation of a government-funded 'bad bank', a source told Reuters.

Vodafone Idea notched its best day in over a year, jumping as much as 28.5% a day after the government approved a relief package for the telecom sector.

Banks with exposure to the cash-strapped firm also jumped. IDFC First Bank, Yes Bank and IndusInd Bank, which, as per Nomura, have exposure to Vodafone Idea at 3%, 2.4% and 1.7% of their loan books, respectively, climbed between 12.6% and 18.5%.

The subindex for consumer goods stocks jumped as much as 2.2% to a record high, with ITC Ltd gaining as much as 8.2% to lead gains in the sector.

ITC "seems to have caught the eye of investors", said Likhita Chepa, a senior research analyst at CapitalVia Global Research, adding that the company was standing out against its "over-bought peers" in the sector.

Gains were also made across sectors, with the Nifty mid-cap and small-cap indexes rising about 0.4% and 0.2%, respectively.

Auto stocks ended 0.5% higher, with auto parts maker Bosch Ltd rising 4.8% a day after the government announced an incentive scheme for the automobile sector.

(Reporting by Soumyajit Saha in Bengaluru; Editing by Maju Samuel)

By Soumyajit Saha


ę Reuters 2021
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Financials
Sales 2022 413 B 5 513 M 5 513 M
Net income 2022 -263 689 M -3 522 M -3 522 M
Net Debt 2022 1 934 B 25 835 M 25 835 M
P/E ratio 2022 -1,15x
Yield 2022 -
Capitalization 279 B 3 716 M 3 723 M
EV / Sales 2022 5,36x
EV / Sales 2023 4,93x
Nbr of Employees 9 173
Free-Float 27,3%
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Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 10,25 INR
Average target price 7,08 INR
Spread / Average Target -30,9%
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Managers and Directors
Ravinder Takkar Chief Executive Officer, Director & MD
Akshaya Moondra Chief Financial Officer
Himanshu Kapania Non-Executive Chairman
Jagbir Singh Chief Technology Officer
Ambrish Pandey Jain Chief Operating Officer
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