Shares of Vodafone Idea surged about 10 per cent during the early trading session on Friday after the company said Kumar Mangalama Birla, the chairperson of Aditya Birla Group, has returned to the board of Vodafone Idea as an additional director (non-executive and non-independent) with effect from April 20, 2023. The move turned sentiment positive around the telecom stock in early trade today.
Shares of Vodafone Idea surged 10 per cent to Rs 6.65 on Friday, before giving up its gains partially to trade at Rs 6.57 at 9:45 am. The company was commanding a market cap slightly less than Rs 32,000 crore. The scrip had settled at Rs 6.06 on Thursday's session. The stock is trading 17 per cent above its 52-week low at Rs 5.70 on March 31, 2023. However, the stock is still 35 per cent below its 52-week high of Rs 10.23 on May 31, 2022. The stock has risen about 5 per cent in the last one month, while it is down 15 per cent in the year 2023 so far.
"It is hereby informed that based on recommendation of nomination and remuneration committee, the board of directors of the company has, at its meeting held today, appointed Kumar Mangalam Birla, as an additional director (non-executive and non-independent) with effect from April 20, 2023," said Vodafone Idea in its regulatory filing. Birla has returned to the board after a hiatus of 20 months. He served as the chairman of Vodafone Idea until August 2021 when he called it a day. However, Birla's induction in the board is subject to shareholder's approval, the filing said further. Earlier in the day, the telecom company said Krishna Kishore Maheshwari, a former top executive at Aditya Birla Group-owned Ultratech Cement Ltd, had quit as a non-executive director, citing personal reasons.
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