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Shares of Vodafone Idea spiked over 13% in Thursday’s afternoon trade after reports that Aditya Birla Group chairman Kumar Mangalam Birla met Union Minister of Telecom Ashwini Vaishnav on Wednesday.
The scrip traded nearly 13% higher at Rs 6.88 at around 2.21 pm (IST). On the other hand, the benchmark BSE Sensex was up 474 points, or 0.83%, at 57,812 at around the same time.
“It was not immediately clear what transpired at the meeting, but it comes in the backdrop of the Department of Telecommunications (DoT) and the finance ministry readying a relief package for the telecom sector,” a report by ET said adding the proposed measures could be announced in one go or be spread over the next few months.
Billionaire Kumar Mangalam Birla recently stepped down as chairman of Vodafone Idea Ltd, within two months of offering to hand over Aditya Birla Group’s stake in the telco over to the government, in a bid to avert a crisis for the telecom company.
As per the Q1 report card released by the telco, the total gross debt (excluding lease liabilities and including interest accrued but not due) as of June 30, 2021 of VIL stood at Rs 1,91,590 crore, comprising of deferred spectrum payment obligations of Rs 1,06,010 crore and adjusted gross revenue (AGR) liability of Rs 62,180 crore that are due to the government.
On the other hand, telecom major Bharti Airtel traded 0.42% up at Rs 669. Reliance Communications was up 3.60% at Rs 2.88.