Vodafone Idea share price target 2024: Penny stock under Rs 20 - BUY, SELL or HOLD?

vodafone idea share price target 2024: penny stock under rs 20 - buy, sell or hold?

Vodafone Idea share price target 2024: With the aim to compete against telecom giants Reliance's Jio and Bharti Airtel, Vodafone Idea is seeking term loans worth Rs 23,000 crore from banks and Rs 10,000 crore more in bank guarantees, according to Economic Times report. The joint venture of Vodafone Plc and Aditya Birla Group submitted the term loan proposal before a State Bank of India (SBI)-led banking consortium a few days ago.

Stocks of Vodafone Idea have declined to -0.66% in the early trading session on BSE, Wednesday, June 18, against the previous day close at Rs 16.73. By the time of writing this report, the stocks were trading at Rs 16.62.

On June 13, 2024, the Board of Vodafone Idea approved the issuance of preferential shares worth up to Rs 2,458 crore to Nokia Solutions and Ericsson India Private Limited for debt settlement purpose. The price of preferential issue is set at Rs 14.80 per share.

Let's see what the trading strategy should be for Vodafone stocks when the company is in spree to raise funding and reduce debt.

Vodafone Idea share price target 2024

Market expert says Vodafone idea stocks are having fresh breakout. "Rs 16.7 seems the breakout point for Vodafone Idea stocks, where it is facing resistance as well," adds the expert.

The expert believes that stock will break the barrier of Rs 18, then touch Rs 24.

Vodafone Idea market cap

Vodafone Idea has a market cap of Rs 1.12 lakh crore. The stock has a face value of Rs 10 each. The stock's 52-week movement indicates a high of Rs 18.42 and a low of Rs 7.18.

Vodafone Idea FY24 performance

The total revenue for FY24 of Vodafone Idea remained at Rs 42.243 crore. The net losses for the preceding financial year of the Company stood at -Rs 31,236 crore. The EPS of the company was at -6.41 per share.