Vodafone Idea lenders dial Finance ministry, want relief for telco
SECTIONS
Share
Synopsis
The lenders’ move comes as the telco has written to the telecom department (DoT), pointing out that its fundraising talks have hit a wall because investors are wary of putting money into a sector hampered by “below-the cost” consumer tariffs.
Vodafone Idea has further said that it needs a year more to make spectrum payments of Rs 8,292 crore as it’s not generating adequate cash from operations and adjusted gross revenue (AGR) payments are siphoning away liquidity.
A consortium of lenders to
Vodafone Idea (Vi) has sought the finance ministry’s intervention to provide some relief to the cash-strapped operator, raising concerns over the telco s survival amid dwindling cash balances.
Analysts said Nifty may witness further bounce if it manages to hold above this level. Can the index manage to take out the 15,300 level this week? Or will we see some more consolidation?
Explore Now
NEW DELHI: Nifty saw a gap down opening on Monday, but made a smart recovery to end slightly above the previous closing, forming a bullish candle on the daily chart.
Rohit Singre, Senior Technical Analyst at LKP Securities said, The overall structure will remain cautious for Nifty50 till it trades below 14,800 zone. On the higher side, the index has a stiff hurdle at 14,720-14,800 levels. Profit booking is suggested around the said levels. Fresh breakout will be only above 14,800 level and good supports are placed in the 14,550-14,500 zone.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research said, The expected levels of the Nifty50 are likely to be in the range of 14,500 and 14,800, and it’s going to be crucial for the short-term market scenario to sustain above the 14,500 level. Therefore, the short-term traders should use the rally to exit while keeping a buy on dip approach. The momentum indicators like RSI, MACD show indecisiveness supportin