Stock market news; Vodafone Idea shares gain over 1%

NEW DELHI: Shares of Vodafone Idea Ltd. traded 1.2 per cent up in Friday's trade at 12:05PM (IST). Around 219,409,694 shares changed hands on the counter.

The scrip opened at Rs 8.1 and touched an intraday high and low of Rs 8.95 and Rs 8, respectively, in the session so far. Shares of the company of Vodafone Idea Ltd. quoted a 52-week high of Rs 13.5 and a 52-week low of Rs 2.4.

Total market cap of the Vodafone Idea Ltd. stood at Rs 24338.87 crore at the time of writing this report.

The telecom player reported significant narrowing of losses to about Rs 7,218 crore for the September quarter, and said signs of recovery were visible with gradual improvement in economic activities. Its losses in Q2 FY20 had been at a staggering Rs 50,921.9 crore after it provisioned for Supreme Court mandated statutory dues.

Key Financials
The company reported consolidated sales of Rs 10788.2 crore for the quarter ended 30-Sep-2020, up 1.24 per cent from previous quarter's Rs 10655.7 crore and up 0.51 per cent from the year-ago quarter's Rs 10844 crore.

The net loss for latest quarter stood at Rs 7218.2 crore, down 85.82 per cent from the corresponding quarter last year.

Shareholding pattern
As of 30-Sep-2020, domestic institutional investors held 0.51 per cent stake in the company, while foreign institutional investors held 6.2 per cent and the promoters 18.48 per cent.

Valuation ratio
According to BSE data, the stock traded at a P/E multiple of -0.48 and a price-to-book ratio of 1.49. A higher P/E ratio shows investors are willing to pay a higher price because of better future growth expectations. Price-to-book value indicates the inherent value of a company and is the measure of the price that investors are ready to pay even for no growth in the business.

Vodafone Idea Ltd. belongs to the Telecommunications - Service industry.