On Wednesday’s intra-day trade, shares of Vodafone Idea assembled 9% to Rs 9.92 on the BSE in a weak market during heavy volumes. The telecom services stock provider was trading at its peak level since May 31, 2022, when it had hit a high of Rs 10.23 in the intra-day deals.

In S&P BSE Sensex, Vodafone Idea traded 7 per cent higher (Rs 9.81) as related to a 0.49% decline in the S&P BSE Sensex. Within an hour of trading, the company’s mutual 206mn equity shares changed hands on BSE and NSE. Exchange data shows, on average, a combined sub 200 million shares traded on the counter in two weeks.

Vodafone Idea reportedly had a net loss of Rs 7,297 crore against Rs 7,319 crore in 2021, during the April-June quarter (FY23). In Q1FY22, the company’s revenue from operation was Rs 9,152 crore, and as of now, the company’s revenue from the operation has risen 14 per cent (Rs 10,410 crore). The average revenue per user (ARPU) in Q1FY22was Rs 104 (Q1FY22), standing against RS 128 for Q1FY23.

Vodafone Idea has accomplished the first tranche of fundraising through preferential equity contributions of around Rs 4,940 crore from its supporters. In July 2022, it includes the incremental infusion of around Rs 440 crore by Vodafone Group. The company said it continues to engage with lenders and investors for further fundraising.

By driving UL/4G penetration and digitalisation of customer servicing and distributing channels, The company emphasises increasing ARPU effectively, aiming to provide the enhanced version of customer experience to enterprise and retail customers. Vodafone Idea also stated that all the initiatives, along with the significant liquidity supplied by the Government reform package’s recent tariff hikes, would enable the company to build a network and compete efficiently to improve its competitive stand.