Vodafone Idea surges 9%, hits 2-month high; stock zooms 51% in a month

Shares of Vodafone Idea surged 9 per cent to hit a two-month high of Rs 5.93 on the BSE on Wednesday amid expectations of an increase in tariff rates in the near term.

The telecom services provider’s stock was trading at its highest level since March 18, 2020. It has rallied 51 per cent in the past one month from the level of Rs 3.92, on the back of delivery-based buying. In comparison, the S&P BSE Sensex was down 3.5 per cent during the same period.

At 12:56 pm, Vodafone Idea was up 4 per cent, against 0.88 per cent rise in the benchmark index. The counter has seen huge trading volumes with a combined 474 million equity shares changing hands on the NSE and BSE so far.