Vodafone Idea Shares Surge 5% Following 5G Service Launch
In volume terms, 1,284.22 lakh shares of the firm were traded on the BSE and 6,818.63 lakh shares on the NSE during the day
Shares of Vodafone Idea on Wednesday ended 5 per cent higher after the firm launched its 5G services in India, starting from Mumbai with five more cities up next. The stock rose 4.93 per cent to settle at Rs 7.45 apiece on the BSE. During the day, it surged 8.73 per cent to Rs 7.72.
On the NSE, it rallied 5.07 per cent to Rs 7.46.
The company's market valuation climbed Rs 2,498.76 crore to Rs 53,187.81 crore.
In volume terms, 1,284.22 lakh shares of the firm were traded on the BSE and 6,818.63 lakh shares on the NSE during the day.
Vodafone Idea on Wednesday launched its 5G services in India, starting from Mumbai with five more cities up next, as the telco bets on the new offering to arrest subscriber churn and place it on a firm footing against larger rivals in the world's second-largest telecom market.
For now, Vodafone Idea's 5G services will be offered as an unlimited add-on for plans starting at Rs 299 though the duration of this 'introductory offer' has not been specified.
The launch assumes significance as the troubled telco looks to regain ground in the Indian telecom market, where 5G networks were announced in October 2022.
Today, VIL's larger rivals Reliance Jio and Bharti Airtel dominate the market with a significant 5G base - Jio had 170 million 5G subscribers as of December 2024, and Bharti Airtel's user count stood at 120 million.
VIL said it is eyeing a 100 cities/town rollout across 17 circles over the next three years and has sufficient capital to forge ahead with its expansion blueprint.
"Following the launch in Mumbai, we will expand our 5G services to Delhi, Bengaluru, Chandigarh, Patna and Mysore by April. Maharashtra, Gujarat, Kerala and Chennai will be included in the next phase of our rollout," Jagbir Singh, Chief Technology Officer (CTO) of Vodafone Idea, told PTI.
VIL will continue to cover additional cities based on penetration of 5G devices and service demand, he added.
Meanwhile, Vodafone Idea is "in conversation" with Satcom players to explore potential partnerships, a senior company official said.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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