India Hot Topics
Vodafone Idea Doubled In A Month But AGR Case Outcome Is Key
Mumbai: The outcome of the adjusted gross revenue (AGR) case, which will be heard in the Supreme Court on Thursday, will decide the course for telecom shares, mainly Vodafone Idea, which has more than doubled in the last one month. The hearing may include the government’s application that telcos be allowed to spread the payment of their dues over 20 years or less. Analysts said if the court asks companies to pay sooner, it could bring the rally in these shares to a screeching halt.
“If they get any time period lesser than 15-20 years to pay AGR dues they won’t have much money to invest in 4G CAPEX. This would have implications on market share as without such investments they would end up losing market share,” said Rajiv Sharma, head of research at SBICAP Securities, which has kept its rating on Vodafone Idea under review. “If they have to pay everything up front, then Vodafone Idea may decide to shut down and they may get referred to NCLT (the National Company Law Tribunal) .
The telecom operator has paid Rs 6,854 crore out of the Rs 58,254 crore it owes the government in AGR dues. The stock ended up 7.34 percent at Rs 10.82 on Wednesday. It has surged 136 percent from 4.58 level a month ago. In comparison, peer Bharti Airtel’s shares are up 6 per cent in the last one month.
The rally in Vodafone Idea shares has been amid dipping delivery volume, suggesting long-term investors remain skeptical about its debt levels and AGR dues.
Data compiled by ETIG Database shows that the delivery volume percentage in the last week was close to 23 percent and was 26.9 percent in the last one month. This is similar to the 3-month average delivery volume of 28.6 percent and a 6-month average delivery volume of 28.54 per cent.
“It points to speculation activity in the counter. The Telecom sector looks good and the stock is moving because other telecom giants are rallying. One can sell the Vodafone stock on the further rally,” said Chandan Taparia, derivatives analyst at Motilal Oswal.
News Source: EconomicTimes
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Haryana
Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024
Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.
The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.
Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.
With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.
The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.
Weather and AQI predictions in Delhi for next 7 days:
Date Temperature Sky October 23, 2024 32.93 °C Sky is clear October 24, 2024 32.69 °C Sky is clear October 25, 2024 32.5 °C Sky is clear October 26, 2024 32.07 °C Sky is clear October 27, 2024 30.69 °C Sky is clear October 28, 2024 31.29 °C Sky is clear October 29, 2024 32.09 °C Sky is clear
Weather in other cities on October 22, 2024
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