Stock market today: Vodafone Idea shares witnessed strong buying interest among the Indian stock market bulls. After the announcement of the board meeting on 27th February 2024 to discuss fundraising, Vodafone Idea shares attracted the attention of Dalal Street bulls in early morning deals and opened with an upside gap. The telecom stock went on to touch an intraday high of ₹17.75 apiece on NSE, logging an intraday gain of 9 percent against its previous close of ₹16.30 per share.
While climbing to its intraday high of ₹17.75 apiece on NSE during the early morning session, Vodafone Idea share price today came close to its existing 52-week high of ₹18.40 apiece that it had climbed in January this year.
According to stock market experts, Vodafone Idea share price today is on an uptrend due to the fundraising news. They said that the telecom company board is meeting on 27th February 2024 to discuss the fundraising proposal and the market is reacting to this positive development. They went on to add that Vodafone Idea share price may remain under the bulls’ radar for a few sessions and predicted that the stock may go up to ₹21 apiece level in the near term.
Trigger for Vodafone Idea shares
On why Vodafone Idea share price is rising today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Vodafone Idea share price is rising today as the market has responded positively at the telecom company’s decision to go for the fundraising. The company has a fixed board meeting on 27th February and hence bulls’ are reacting to this positive development in the company.”
Vodafone Idea share price target
Expecting further upside in Vodafone Idea shares, Sumeet Bagadia, executive Director at Choice Broking said, “Vodafone Idea share is looking positive on chart pattern. Shareholders of the company are advised to hold the stock maintaining a stop loss at ₹16 apiece level for the immediate target of ₹18.50 per share. They may go up to ₹21 per share level after sustaining above ₹18.50 level.”
On the suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can maintain buy on dips strategy maintaining stop loss at ₹16 per share level. They should hold the stock for the above-mentioned targets of ₹18.50 and ₹21 per share level.”
Vodafone Idea news
Vodafone Idea informed Indian exchanges on Thursday about the fundraise move saying, “Pursuant to applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we wish to inform you that a meeting of the Board of Directors of Vodafone Idea Limited (“the Company”) will be held on Tuesday i.e. 27th February, 2024, inter alia, to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or by way of issue of any instruments or securities including securities convertible into equity shares, Global Depository Receipts, American Depository Receipts or bonds including foreign currency convertible bonds, convertible debentures, warrants, and/or non-convertible debentures including non-convertible debentures along with warrants, which may or may not be listed.”
