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Business News/ Markets / Stock Markets/  Stock market today: Vodafone Idea shares dip ahead of board meeting to discuss fundraising. Buy or sell?
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Stock market today: Vodafone Idea shares dip ahead of board meeting to discuss fundraising. Buy or sell?

Vodafone Idea share price today opened upside and went on to touch an intraday high of ₹17.75 apiece on NSE, but soon came under the profit-booking pressure and touched an intraday low of ₹17.10 apiece

Stock market today: Vodafone Idea share price may go up to ₹21 apiece levels once it breaches its immediate hurdle placed at ₹18.50 per share mark, say experts.Premium
Stock market today: Vodafone Idea share price may go up to 21 apiece levels once it breaches its immediate hurdle placed at 18.50 per share mark, say experts.

Stock market today: Vodafone Idea shares witnessed buying interest among the Indian stock market bulls. After the announcement of the board meeting to be held on 27th February 2024 i.e. on Tuesday this week, to discuss fundraising, Vodafone Idea shares attracted the attention of Dalal Street bulls in early morning deals and opened with an upside gap. The telecom stock went on to touch an intraday high of 17.75 apiece on NSE on Monday. However, the telecom stock came under the sell-off pressure soon and touched an intraday low of 17.10 apiece.

According to stock market experts, Vodafone Idea share price today is in focus due to the fundraising news. They said that the telecom company board is meeting on 27th February 2024 to discuss the fundraising proposal and the market is reacting to this positive development. They went on to add that Vodafone Idea share price may remain under the bulls' radar for a few sessions and predicted that the stock may go up to 21 apiece level in the near term.

Trigger for Vodafone Idea shares

On why Vodafone Idea share price is rising today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Vodafone Idea share price is expected to remain in focus as the company has a fixed board meeting on 27th February to discuss fundraising proposal."

Vodafone Idea share price target

Expecting further upside in Vodafone Idea shares, Sumeet Bagadia, executive Director at Choice Broking said, “Vodafone Idea share is looking positive on chart pattern. Shareholders of the company are advised to hold the stock maintaining a stop loss at 16 apiece level for the immediate target of 18.50 per share. They may go up to 21 per share level after sustaining above 18.50 level."

On the suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can maintain buy on dips strategy maintaining stop loss at 16 per share level. They should hold the stock for the above-mentioned targets of 18.50 and 21 per share level."

Vodafone Idea news

Vodafone Idea informed Indian exchanges on Thursday about the fundraise move saying, "Pursuant to applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we wish to inform you that a meeting of the Board of Directors of Vodafone Idea Limited (“the Company") will be held on Tuesday i.e. 27th February, 2024, inter alia, to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or by way of issue of any instruments or securities including securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed."

As per the CNBC TV 18 report, no listed entity of the Aditya Birla Group to participate in Vodafone Idea funding. The report went on to add that the promoter group is likely to infuse fund through the preferential share allotment. The fundraise is aimed at repaying government dues, CAPEX funding for the network expansion and 5G.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 23 Feb 2024, 09:29 AM IST
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