Stock in focus: Vodafone Idea shares will be under the lens of market observers and investors as Securities and Exchange Board of India (SEBI) has sough clarification from the telecom company in regard to media reports on its possible tie-up with Elon Musk’s Starlink. The news report claims that the Government of India (GoI) may sell its 33 per cent stake in the telecom company to tech-giant and American billionnaire Elon Musk and his satellite internet venture Starlink collaborating with the carrier.
The capital market regulator sought clarification on the news report on Monday, 1st January 2024. Vodafone Idea’s reply on SEBI’s query is still awaited.
Vodafone Idea news
Vodafone Idea informed Indian stock market bourses about SEBI soughting clarification on the news report saying, “The Exchange has sought clarification from Vodafone Idea Ltd on January 1, 2024, with reference to news …. dated January 1, 2024 quoting “Elon’s Starlink Tie-Up Talks In Market Pumps Vodafone Idea To The Skies In India”.”
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Vodafone Idea share news
On Friday last week, Vodafone Idea shares skyrocketed after the news reports of American billionnaire Elon Mush visiting Gujarat on 10th January 2024 for a possible tie-up with Vodafone Idea. The news report said that Elon Musk’s Starlink requires a spectrum partner in India for its space linked broadband business. This triggered strong buying in Vodafone Idea shares on Friday, which continued on Monday session as well. On Monday, Vodafone Idea share price touched 52-week high of ₹18.40 apiece on NSE, logging over 38 per cent rally in last two sessions.
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This rally in Vodafone Idea shares was based on the market belief that Elon Musk’s Starlink and Amazon requires spectrum partner in India and Vodafone Idea could be a potential suitor for this. Amazon’s Project Kuiper is keen to enter India for its broadband business and it would require a spectrum partner, which has made Vodafone Idea share an attractive bet for Dalal Street investors.
Amazon would be competing against the likes of Elon Musk-owned Starlink, Bharti-backed Oneweb and Reliance Industries’ Jio Satellite in India. While Bharti and Jio have their own satellite platforms, it leaves Vodafone Idea open for a tie-up with Elon Musk or Amazon.
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Published: 02 Jan 2024, 09:04 AM IST