Shares of Vodafone Idea were trading firm today, at Rs. 11.64, up 0.33 or 2.92% versus the previous close of Rs. 11.31. The stock traded in a Rs. 11.26–11.73 band so far, with VWAP around Rs. 11.58, and is now close to its 52-week high of Rs. 12.02 (52-week low: Rs. 6.12). Cash turnover stood at about Rs. 63.41 crore, implying a market capitalisation of about Rs. 1.26 lakh crore.

The near-term trigger is fresh funding raised at the tower and infrastructure arm. Vodafone Idea said its wholly-owned subsidiary Vodafone Idea Telecom Infrastructure Limited (VITIL) has completed a Rs. 3,300 crore fund-raise by issuing non-convertible debentures (NCDs). The company indicated the funds would help meet payment obligations and support its capex and business requirements, which the market has read as a constructive signal on incremental funding access.

This NCD raise follows market reporting that the unit had been working on a bond placement with multiple tranches, as lenders’ appetite returned to selective credit stories in the sector. Vodafone Idea Telecom Infrastructure had sized the planned issuance lower than initially contemplated, with indicative yields around 12% for two-year paper and about 14% for longer paper, with a call option and backing from Vodafone Idea, structure that helped broaden the pool of potential investors.

Mr.SP Tulsian, in his note on this website, described the NCD raise as a “baby step” but highlighted the participation from lenders/NBFCs as a confidence marker, also tying sentiment to expectations of policy relief on AGR dues. Separately, in recent weeks, the Supreme Court has been reported as allowing the government to consider relief on Vodafone Idea’s AGR dues, which has kept policy-led optionality in focus even as timelines and contours remain uncertain.

Operationally, the company’s Q2FY26 print showed steady improvement in key revenue metrics: revenue from operations around Rs. 11,195 crore and ARPU at Rs. 180, aided by upgrades and tariff actions, while losses narrowed sequentially.

Vi has also guided to continued network investments, and its quarterly report/updates have cited bank debt of about Rs. 1,530 crore and cash and bank balance of about Rs. 3,080 crore as of 30 September 2025, alongside reported quarterly capex of about Rs. 1,750 crore, numbers that will be watched closely into Q3FY26 given the sensitivity to funding and execution.

Mr.Tulsian is bullish; has said that US PE Giant TGH is learnt to be in an active talks to invest up to $6 billion (Rs.50,000 cr) in Vodafone Idea, which company has not denied but said that, it keeps exploring various opportunities and options. Govt. may completely waive the interest, as also, principal may be fixed for repayment over the next 20 years annual instalment, with first payment to be made by the company to DoT by last week of March 26.