Vodafone Idea shares jump over 9 pc; mkt valuation surges by Rs 8,776 cr

New Delhi, Nov 3 (PTI) Shares of Vodafone Idea surged over 9 per cent on Monday on heavy buying by investors, adding Rs 8,775.8 crore to the telco's market valuation.

The sharp rally in the stock came amid media reports that the Supreme Court has widened the ambit of relief on Vodafone Idea's adjusted gross revenue (AGR) dues issue.

AGR is the income figure used to calculate the licence fees and spectrum charges that telecom companies must pay to the government.

The stock jumped 9.28 per cent to settle at Rs 9.54 on the BSE. During the day, it zoomed 14.20 per cent to Rs 9.97.

At the NSE, the stock climbed 9.27 per cent to Rs 9.54.

The company's market valuation went up by Rs 8,775.8 crore to Rs 1,03,359.26 crore.

Meanwhile, there were also reports in the media that a US PE firm was in talks to invest up to USD 6 billion in the company.

The struggling telecom player, in a clarification to stock exchanges, stated that the company keeps exploring various opportunities and options to raise funds within the authorisations given by the board. PTI SUM SUM MR