Vodafone Idea share extends gains for second session after parent wins Rs 20K-crore retro tax case

Vodafone Idea share price extended gains for the second session today after the telecom operator's British parent, Vodafone Group Plc won an international arbitration case against the Indian government last week. Vodafone Idea stock rose up to 3.73% to Rs 10.75 against earlier close of Rs 10.36 on BSE.

Vodafone Idea share has gained 16.01% in last two days. Before that, it fell for seven consecutive sessions.

The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages

The telecom stock is nearly 4% away from 52-week high of Rs 13.45 Total 392.59 lakh shares changed hands amounting to turnover of Rs 41.50 crore on BSE.

Market cap of the firm climbed to Rs 30,344 crore.

In one year, the share has gained 87% and risen 81% since the beginning of this year. In a month, the stock has gained 4.75% and climbed nearly 2% in a week.

The government had made retrospective tax demand of Rs 20,000 crore from Vodafone .

In a related development, the firm which has rebranded itself as Vi, has announced that it will be moving 3G users to 4G soon. The moving of users will be done in a phased manner.

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At the same time, Vodafone Idea will also continue to offer 2G to its users.

"The company will continue to offer basic voice services to its 2G users The company's enterprise customers currently using 3G based services will be upgraded to 4G and 4G based internet of things applications and services," it said in a statement.

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