Vodafone smells like 'Musk'

Vodafone Idea, like Friday is once again on the high, figuring among the top five gainers on the BSE. From its close of Rs.16.902, the stock opened slightly higher today at Rs.16.24 and went on to hit a new 52-week high at Rs.18.42.

There is huge market speculation about the company’s fund-raising plans and an announcement is expected soon. Market grapevine is rife with unconfirmed news that Elon Musk would tie-up with Vodafone for his maiden entry into India's telecoms space.

The news doing the rounds is that the Govt would sell its 33.1% stake in Vito Musk to enable Starlink to enter the Indian market.

Musk will be visiting India to attend the Vibrant Gujarat Business Summit between January 10 and 12 and a big land deal in the state for a mega factory for his auto company Tesla has already been reported.

Markets are now hoping that major announcements would be made by Starlink and the government in the telecoms space when Musk visits Gujarat.

By the way, yesterday, 31^st Dec’23 was the company’s self-imposed deadline for finding new investors and clearly, with no news coming in till now, it has missed that date for now. Yet the stock is up, which means the rumour mills are working overtime with all hope now on Musk’s visit.