Shares of Vodafone Idea Ltd continued their up move for the fourth consecutive session in Thursday's trade. The stock rose 4.12 per cent to hit its 52-week high of Rs 14.65. At this price, the scrip has gained around 100 per cent in the last six months. On BSE, around 2.01 crore shares changed hands today at the time of writing this story. The figure was lower than the two-week average volume of 5.51 crore shares. Turnover on the counter came at Rs 28.93 crore, commanding a market capitalisation (m-cap) of Rs 70,196.11 crore. There were 93.93 lakh sell orders today against buy orders of 34.30 lakh shares.
Recently, the Bombay High Court asked Income Tax (I-T) department to refund Rs 1,128 crore to the telecom operator. "The Hon'ble Bombay HC has instructed tax department to issue the refund of Rs 1,128.47 crore within 30 days along with applicable interest," Voda Idea stated in an exchange filing.
Prior to this, Voda Idea chief executive Akshaya Moondra said that the telco's funding-related discussions are progressing. "We should be able to conclude these discussions in this quarter," the CEO mentioned during an earnings call.
On the technical front, support on the counter could be seen at Rs 12.50 level.
"As we advance, Rs 12.50 will be a credible support zone and resistance may be seen near Rs 16.80 (which is its December 10, 2021 high level)," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"The stock may touch Rs 15.50 in the near term. Keep stop loss placed at Rs 12.50," said DRS Finvest founder Ravi Singh.
The counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 71.90. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The scrip has a one-year beta of 0.6, indicating low volatility.
As of September quarter, promoters held 50.36 per cent stake in the telecom operator.
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