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    IDEA   INE669E01016

VODAFONE IDEA LIMITED

(IDEA)
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Indian shares slip after strong rally; Vodafone Idea slumps 24%

08/05/2021 | 01:12am EDT

BENGALURU, Aug 5 (Reuters) - Indian shares took a breather on Thursday after surging more than 3% this week, as banking shares weighed, while troubled telecom operator Vodafone Idea tumbled 24% after its non-executive chairman stepped down.

By 0447 GMT, the blue-chip NSE Nifty 50 index and the S&P BSE Sensex fell 0.1% each to 16,240 and 54,306.96, respectively.

The Nifty Bank index, which rose over 2.3% in the previous session, declined 0.6%, while the public sector banking index dropped 2.4%.

"The market has moved up quite a bit this week and may pause a little. But, it still remains a buy-on-dips market ... There is a lot of liquidity and one needs to remain cautious as a lot of initial public offerings (IPOs) are coming," said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors in Mumbai.

This week's rally has been narrow and limited to some large-cap stocks, unlike previous ones, and that is all the more reason to be more cautious, Dasgupta also said.

Vodafone Idea slid after billionaire industrialist Kumar Mangalam Birla, who engineered the merger https://www.reuters.com/article/us-vodafone-india-idea-cellular-idUSKCN1LG0LU of the India operations of Idea Cellular and Britain's Vodafone Plc, stepped down as the company's non-executive chairman on Wednesday.

Shares of the telecom operator, down nearly 44% this week, hit their lowest since May 15, 2020 to 4.55 rupees. Its major rival Bharti Airtel Ltd climbed 2.9%.

Meanwhile, U.S. Federal Reserve Vice Chair Richard Clarida — a major architect of the U.S. central bank's new policy strategy — said in an overnight speech that he felt the conditions for raising rates could be met by the end of 2022.

The speech comes at a time Indian markets are closely watching the country's central bank policy outcome on Friday for cues on liquidity even as it is mostly expected to be stay put on rates. (Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI AIRTEL LIMITED -1.02% 718.15 End-of-day quote.41.01%
VODAFONE GROUP PLC 0.30% 115 Delayed Quote.-5.19%
VODAFONE IDEA LIMITED 25.70% 11.25 Delayed Quote.-15.96%
All news about VODAFONE IDEA LIMITED
06:55aIndian Indices Settle Higher on Thursday; Vodafone Idea Soars 27%
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01:33aIndian shares perched at record highs on banking, consumer good boost
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09/15India announces measures to shore up telecoms sector; respite for Vodafone Id..
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09/15Indian shares hit new peaks as telcos, auto stocks jump on govt support packa..
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09/15India announces measures to shore up telecoms sector; respite for Vodafone Id..
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09/13Banks call on government to ease pressure on India's Vodafone Idea
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09/08RELIANCE INDUSTRIES : Indian shares end flat, telecom sector gives up gains
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More news
Analyst Recommendations on VODAFONE IDEA LIMITED
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Financials
Sales 2022 414 B 5 626 M 5 626 M
Net income 2022 -260 403 M -3 540 M -3 540 M
Net Debt 2022 1 909 B 25 954 M 25 954 M
P/E ratio 2022 -1,23x
Yield 2022 -
Capitalization 323 B 4 392 M 4 395 M
EV / Sales 2022 5,39x
EV / Sales 2023 4,96x
Nbr of Employees 9 173
Free-Float 27,9%
Chart VODAFONE IDEA LIMITED
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Vodafone Idea Limited Technical Analysis Chart | IDEA | INE669E01016 | MarketScreener
Technical analysis trends VODAFONE IDEA LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 11,25 INR
Average target price 5,90 INR
Spread / Average Target -47,6%
EPS Revisions
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
Sector and Competitors
1st jan.Capi. (M$)
VODAFONE IDEA LIMITED-15.96%3 498
SOFTBANK CORP.23.40%67 898
BHARTI AIRTEL LIMITED41.01%54 162
CELLNEX TELECOM, S.A.31.98%45 262
MTN GROUP LIMITED112.66%15 982
SAFARICOM PLC24.53%15 476