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Buzzing stock | Vodafone Idea shares erase initial gains; here's what happened

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Vodafone Idea shares surged more than 3 percent on Thursday after a media report said the telco is targeting a four-fold jump in annual capital expenditure to take on stronger rivals. However, with the broader market coming off its day's high, the stock erased its early gains.

Buzzing stock | Vodafone Idea shares erase initial gains; here's what happened
Vodafone Idea shares surged more than 3 percent on Thursday after a media report said the telco is targeting a four-fold jump in annual capital expenditure to take on stronger rivals.
At 9:47 am, shares of Vodafone Idea were trading 1.2 percent higher at Rs 15.15 on BSE. The stock has gained after four days of consecutive falls.
The upmove came after a report said Vodafone Idea is targeting a four-fold jump in annual capital expenditure to $2 billion, the company’s top management has said, as it looks to take on stronger rivals.
The management also added that equity funding - including from promoters - is set to be tied up by March, the report noted.
However, with the broader market coming off its day's high, the stock erased its early gains. At 10:06 am, the stock was down 0.4 percent at Rs 14.91 on BSE.
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Another development was that Krishnan Ramachandran and Suresh Vaswani have been re-appointed as Independent Directors of Vodafone Idea.
Ramachandran has been reappointed as an Independent Director for a second term of three years, effective from December 27, 2021, and Vaswani has been reappointed as an Independent Director for a second term of three years, effective from February 8, 2022, Vodafone Idea said in an exchange.
In the past month, shares of the telecom operator have jumped 50 percent as compared to Nifty500 that has fallen nearly 4 percent.
Vodafone Idea in its recent investor presentation has said its strategy includes focussed network investments, initiatives to drive average revenue per user improvement and driving partnerships and digital revenue streams, and these are likely to drive cash generation, the telco had added.
 
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