₹NSE₹₹₹₹₹Shares of Vodafone Idea Ltd. were trading with gains of over 3% on Wednesday, July 3.
"The analyst feels that Vodafone Idea is already in the pink of health, especially after the recent price hikes that we have seen.Sharma also recommended investors to exit positions in Bharti Airtel and switch to Vodafone Idea, which he believes can do very well.
"If you are holding Bharti Airtel in your long-term portfolio, it is advisable to book profits.
"Global brokerage firm Citi has upgraded the Vodafone Idea stock, saying that the stars are now aligning for the troubled tele operator.
The Supreme Court is yet to conduct a hearing of the curative petition filed in October 2023, the brokerage highlighted.
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Shares of Vodafone Idea Ltd. were trading with gains of over 3% on Wednesday, July 3. The retail favourite stock has jumped as much as 33% in the last one month and now JM Financial analyst Rahul Sharma expects Voda Idea to go up to28 on the upside.In an interaction with CNBC-TV18, Sharma said, "If you look at the technical setup, it has been like three consecutive months that the stock has seen an expansion in volumes. Technically speaking, this is a bullish pole and the flag pattern that we have spotted, and the projected targets of each are anywhere in the vicinity of ₹24 to28 on the upside."The analyst feels that Vodafone Idea is already in the pink of health, especially after the recent price hikes that we have seen.Sharma also recommended investors to exit positions in Bharti Airtel and switch to Vodafone Idea, which he believes can do very well. "If you are holding Bharti Airtel in your long-term portfolio, it is advisable to book profits. The stock has done extremely well."Global brokerage firm Citi has upgraded the Vodafone Idea stock, saying that the stars are now aligning for the troubled tele operator. It has assigned a 'Buy' rating on Vodafone Idea from 'Neutral' earlier, and also upped its price target to23 per share from15 apiece earlier.While retaining high-risk rating, the foreign brokerage said the target price could rise to28 in a bull case scenario, contingent on a favourable outcome in the AGR case that could result in a marked reduction in Vi's dues.The foreign brokerage said that a discernible shift in stance by market leader Reliance Jio towards monetisation, ease in competitive intensity and the recent tariff hikes that have been at the higher end of consensus estimates are all positives.Additionally, Citi wrote in a note that moves by Reliance Jio and Bharti Airtel to monetise 5G are a clear positive.The foreign brokerage listed three key events to monitor in the coming months: Completion of VI's debt raise from banks; potential further equity infusion into VI (towards part-clearing Indus's dues); and progress on the AGR case.Going ahead, investors will focus on the completion of Vodafone Idea's debt raise as discussions with banks are already ongoing. A potential equity infusion into Vodafone Idea (up to2,000 crore ballpark) once the balance 3% stake (out of 21% previously held) in Indus Towers is sold by its UK promoter will be keenly watched, as Citi believes it can be used by Vodafone Idea to partly clear its past dues to Indus Towers.The progress on the AGR case will also be watched. The Supreme Court is yet to conduct a hearing of the curative petition filed in October 2023, the brokerage highlighted.
