Vodafone Idea target price: For BofA Securities, VIL is not a Buy as it is further awaiting clarity on funding position improvement post FY26 as the spectrum moratorium ends.
PE firms such as Vista Equity Partners, KKR, PIF, Silver Lake, L Catterton, General Atlantic and TPG had made investments in the domestic telecom operator in 2020.
Reliance Jio: Mukesh Ambani-led Reliance Industries holds a 67% stake in Jio Platforms Ltd (JPL), which houses Reliance’s telecom and digital properties. Out of the balance 33%, 18% is held by strategic investors Meta and Google, while PE investors collectively own the remaining around 15%. JPL has already raised over Rs 1.52 lakh crore from these marquee global investors.
Indian billionaires Mukesh Ambani and Sunil Mittal may wait for the Lok Sabha elections to finish before hiking telecom tariffs in the second half of 2024. Jefferies expects a 20% tariff hike in the second quarter of fiscal year 2025. The government, which owns 33% stake in Vodafone Idea, may also favor tariff hikes to support the telco s survival. CLSA estimates that Bharti Airtel will lead tariff hikes to an Arpu of Rs 257 by fiscal year 2026.
RIL Q3: Net debt was up 1 per cent sequentially to Rs 1.19 lakh crore, due to pay-down of creditors for capex. RIL, said Emkay, stated that its new energy giga complex would be commissioned in phases, starting H2CY24.