Shares of Vodafone Idea jumped nearly 10 per cent in morning trade on Friday after Aditya Birla Group Chairman Kumar Mangalam Birla returned to the board of the debt-ridden firm as an additional director in a non-executive and non-independent role.
The stock of the telecom firm zoomed 9.73 per cent to Rs 6.65 on the BSE.
At the NSE, it jumped 9.91 per cent to Rs 6.65.
Birla had stepped down from Vodafone Idea Ltd (VIL) board in August 2021 as non-executive chairman of the company.
“…the board of directors of the company…at its meeting appointed Kumar Mangalam Birla, as an additional director (Non-Executive and Non-Independent) with effect from 20 April 2023,” VIL said in a regulatory filing on Thursday.
VIL is reeling under a debt of Rs 2.22 lakh crore, comprising deferred spectrum payment obligations of Rs 1.39 lakh crore and adjusted gross revenue liability of Rs 69,910 crore that are due to the government.
The debt from banks and financial institutions stood at Rs 13,190 c
Posts in category Business Standard
Voda-Idea shares rally nearly 10 pc as K M Birla returns to company board (21-04-2023)
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Rupee gains 1 paisa to 82.16 against dollar as market sentiment improves (21-04-2023)
The rupee gained 1 paisa to 82.16 against the US dollar in early trade on Friday, tracking a weak greenback against major currencies and positive sentiment in the domestic equities market.
Forex traders said downward movement of crude oil prices also supported the local unit.
At the interbank foreign exchange, the domestic unit opened strong at 82.11 against the dollar and hit the lowest level of 82.17 before trading at 82.16, registering a rise of 1 paisa over its previous close.
On Thursday, the rupee closed at 82.17 against the US currency.
Participants were also cautious due to expectations of further interest rate hike by the US Federal Reserve and other central banks.
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