Share price of Vodafone Idea today rallied 20 per cent. It rose to Rs 12.62 per piece on sensex around its 52-week high of Rs 13.55. The price jaunted over 116 per cent to Rs 12.62 from Rs. 5.83. This rallied in just seven trading sessions.
The BSE data showed company’s market capitalisation at Rs 30229.63 crore. In the overall m-cap ranking, Vodafone Idea has jumped up to 91st position from 100th last week. Vodafone Idea share price has increased over 200 per cent from Rs 4.17 to Rs. 12.62 in the last one month.
However, it is advised to proceed with caution while investing in the stock as the stock seems have become most sought after by investors all of a sudden and fresh entry should be viewed careful. A similar trend was seen in Bharti Airtel as well. After reaching close to its 52-week high 14 days ago, it consolidated and then corrected almost 7% within the next few days.
Vodafone Idea has increased more than 100% in the recent 10 trading sessions, making it a profitable time to book profits in this stock now. “The stock has become overheated and we can expect some consolidation coming on the back of profit booking in the coming days, as Reliance Jio continues to attract investor interest within the telecom sector,” Amit Gupta,Cofounder Tradingbells.
This increase in the stock in is due to the trivials that showed Google is in likely to invest in the company for a 5 per cent equity stake. After which, Vodafone Idea made clear that the firm is incessantly navigating various opportunities for benefitting the stakeholders’ value.