Vodafone Idea Shares Surge 9% Following $3.6 Billion Network Equipment Deal

The deal with Nokia, Ericsson, and Samsung is part of a $6.6 billion capex plan to expand 4G coverage and launch 5G services.

Vodafone Idea's stock rose by nearly 9% after announcing a $3.6 billion deal for network equipment.
The agreement with Nokia, Ericsson, and Samsung is the first step in a three-year, $6.6 billion capital expenditure plan.
The capex plan aims to expand 4G coverage from 1.03 billion to 1.2 billion people and launch 5G in key markets.
Vodafone Idea recently raised $2.8 billion in equity and acquired $418 million in spectrum to fund its network expansion.
The company has faced continuous losses since its 2018 merger and aims to regain market share from competitors Bharti Airtel and Reliance Jio.