Vodafone Idea share price jumps 9% on fundraise move

Vodafone Idea share price today opened upside and went on to touch an intraday high of INR 17.75 apiece on NSE,
Vodafone Idea share price registered a nearly 9% rise against previous close of INR 16.30 per share
Vodafone Idea share price may go up to  INR 21 apiece levels once it breaches its immediate hurdle placed at INR 18.50 per share mark, say experts.

The reason why the Vodafone Idea share price witnessed strong upside and buying interest among the Indian stock market bulls was the announcement of the board meeting on 27th February 2024 to discuss fundraising.

Vodafone Idea share price attracted the attention of Dalal Street bulls in early morning deals and the telecom stock opened with an upside gap.

While climbing to its intraday high on NSE during the early morning session, Vodafone Idea share price today came close to its existing 52-week high of INR 18.40 apiece in January 2024.

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.’
Stock market analyst agree that Vodafone Idea share price today is on an uptrend due to the fundraising news. They said that the market is reacting to this positive development.

Vodafone Idea share price target

Expecting further upside in Vodafone Idea shares, analysts say things are looking positive on chart patterns for the telecom company.

Shareholders of the company are advised to hold the stock maintaining a stop loss at INR 16 apiece level for the immediate target of INR 18.50 per share.

Fresh investors can maintain buy on dips strategy maintaining stop loss at INR 16 per share level. They should hold the stock for the above-mentioned targets.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies. Qrius advises investors to check with certified experts before making any investment decisions.

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