Vodafone Idea share price: Following the conclusion of bidding for the Vodafone Idea FPO on Monday, Vodafone Idea share price today saw robust purchasing, lifting the telecom stock by 10% during Tuesday trading. Vodafone shares rose 10 percent from Monday's closing of ₹12.90 on NSE, reaching an intraday high of ₹14.20 per. According to stock market analysts, Vodafone shares are surging because to the short-term sentiment around the Vodafone IdeaFPO subscriber status. They stated that the FPO was fully subscribed following a significant response from global institutional investors. Short-term investors are optimistic about Vodafone Idea shares now that the business has achieved its goal revenue.
Vodafone Idea share triggers
Manish Chowdhury, Head of Research at StoxBox, explained why the Vodafone Idea share price was up today: "A strong response to the ₹18,000 crores FPO which closed for subscribers yesterday can be attributed to the uptick in Vodafone Idea share price today." Global institutional investors responded favorably to Vodafone Idea FPO, which has pleased Dalal Street bulls. We think that investors are growing more optimistic about the company's future possibilities for a recovery. The company's emphasis on the launch of 5G, the conversion of 2G sites to 4G sites, and the recent infusion of promoter funds are, in our opinion, the main factors now driving market interest.Vodafone Idea share price target
Sumeet Bagadia, Executive Director at Choice Broking, provided the following forecast on Vodafone Idea shares: "Shares of Vodafone Idea are poised for a new high at ₹14.30 a share. In the immediate run, Vodafone Idea shares may reach levels of ₹17 to ₹18 per share if the stock breaks out above ₹14.30 on a closing basis. Therefore, it is recommended that Vodafone Idea stockholders keep their stop loss at ₹11 till the price drops to ₹14.50. After Vodafone's stock closed above ₹14.30 per share, investors should raise their stop loss to ₹12.50 and hold onto their shares until the short-term goal of ₹17 to ₹18 per share is reached."
Regarding the advice for new investors, Sumeet Bagadia stated that it is not a good idea to make new investments at the moment. Either wait for the breakout to occur or for the present levels to correct.
A new investor might purchase Vodafone Idea shares or aim for the short-term objective of ₹17 to ₹18 in the event of a breakout at the level of ₹14.30 per share. When investing in this telecom stock after the breakout, one must, nonetheless, keep the stop loss at ₹12.50 per share, according to Bagadia.
Details about Vodafone Idea's FPO
The Vodafone Idea FPO's bidding ended on Wednesday. According to the Vodafone Idea FPO subscription status, over six subscriptions were made to the follow-on public offer, with over 17 subscriptions made for the QIB element and over 4 bookings for the NII portion. The Vodafone Idea FPO allotment date and listing date are now the center of attention. While the Vodafone Idea FPO IPO is anticipated on April 25, 2024, the Vodafone Idea FPO allocation is anticipated today. Market watchers report that Vodafone Idea's FPO GMP is ₹1.20 today, down ₹0.10 from ₹1.30 on Monday.
