Vodafone Idea Soars 14% As It Sets FPO Offer Price
The stock rose to the highest since March 5 on the NSE.
Shares of Vodafone Idea Ltd. jumped more than 14% on Tuesday to the highest in over a month as its board approved the issue price for its Rs 18,000-crore follow-on public offer.
The telecom operator set the offer price for the FPO at Rs 11 per share. Offer price for anchor investors set at Rs 11 per share, according to an exchange filing.
On the NSE, Vi's stock rose as much as 14.34% during the day to Rs 14.75 apiece, the highest since March 5. It was trading 13.57% higher at Rs 14.65 apiece, compared to a 0.34% advance in the benchmark Nifty 50 at 12:32 p.m.
The share price has risen 130.71% in the last 12 months, but declined 10.63% year to-date. The total traded volume so far in the day stood at 5.8 times its 30-day average. The relative strength index was at 63.50.
Out of 16 analysts tracking the company, one has a 'buy' rating on the stock, three recommend 'hold' and 12 suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 49.8%.