Vodafone Idea (VIL) The stock of closed with a gain of about four percent on Monday. This gain happened after the company awarded contracts worth about Rs 30,000 crore to Nokia, Ericsson and Samsung for supplying 4G and 5G network equipment for three years. Let us tell you that after getting a setback from the Supreme Court on AGR, the company's stock had fallen sharply but today it returned to the uptrend. Reacting to the big investment from the company, VIL Chief Executive Officer (CEO) Akshay Mundhra said that the company has started the investment cycle. The company has started the journey of VIL 2.0.
He said in a conversation with investors, fresh talks have been started with the government on possible measures regarding AGR. He said that despite not getting relief on the AGR issue, the long-term business plans and strategy of the telecom company will remain unaffected. The company also told the investors that the Center has asked it to submit documents related to its request.
Mundhra also said that VI is in the final stages of talks with lenders to raise debt of about Rs 35,000 crore. He also announced a plan to repay government dues through cash flow from the business.
The stock jumped more than 11 points during trading
The company's stock rose 11.73 per cent to Rs 11.71 during the day's trading on the BSE. Later, it closed at Rs 10.83, up 3.34 per cent. On the NSE, the company's stock closed at Rs 10.86, up 3.72 per cent. However, during the day's trading, it rose 14 per cent to Rs 11.94. In terms of volume, 1,502.39 lakh shares of the company were traded on the BSE and 16,824.75 lakh shares were traded on the NSE.
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