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Vodafone Idea tanks 34% but Airtel, RIL gain
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SME Times News Bureau | 17 Jan, 2020
While Vodafone Idea crashed 34 per cent after the Supreme Court's
dismissal of the AGR review petitions filed by telcos on its earlier
Adjusted Gross Revenues (AGR) verdict, Bharti Airtel jumped 4 per cent
and Reliance Industries gained nearly 2 per cent on Friday.
Bharti Infratel was the top loser on the NSE. Its stock price fell nearly 10 per cent on the AGR verdict.
JM
Financials in a report said that it expects a governmental intervention
soon to ensure that Vodafone Idea Limited (VIL) would not have to
approach the NCLT next week due to payment deadline.
"While total
sector AGR dues are pegged at Rs 920 billion to 1,400 billion, we
believe exposure to VIL remains the most concerning from banks point of
view due to insufficient cash balance and cash flows, and lack of
borrowing capacity to fund these dues," JM Financials said.
At 10.15 a.m., the Sensex was up 97.17 points at 42,029.73 after touching an intra-day high of 42,046.67.
Sensex
opened at 41,929.02 from its previous close of 41,932.56. The broader
Nifty gained 21.80 points to trade at 12,377.30 during the early trade.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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