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Vodafone Idea Shares Gain as Government Reviews AGR Relief and Company Says No Fresh Update

A government review guided by recent Supreme Court orders could produce recommendations within weeks, the telecom minister said.

Vodafone Idea shares climb 4% as NSE, BSE seek clarification on AGR relief report
Voda Idea: A few analysts remained cautiously optimistic on the stock's technical outlook.

Overview

  • The Telecom Minister said the Department of Telecommunications is awaiting a formal request from Vodafone Idea and is assessing what relief is legally permissible.
  • Two Supreme Court orders on October 27 and November 3 allowed the Centre to reconsider additional AGR demands and to reassess Vodafone Idea’s dues up to FY2016-17.
  • NSE and BSE sought clarification on talk of potential relief, and Vodafone Idea told exchanges it has already disclosed the court orders and will report any further developments.
  • The stock rose about 3.8–4% on December 2 and gained more than 4% intraday on December 3 on hopes of near-term clarity.
  • Reports peg Vodafone Idea’s AGR exposure at roughly Rs 77,500–78,500 crore, underscoring why any decision could be consequential for the company’s finances and stakeholders.