Vodafone Idea Ltd. witnessed a strong surge in its stock price on Friday, November 14, climbing as much as 5% in intraday trade. This continues the stock’s upward trend, marking its fourth consecutive session of gains. With this move, the telecom operator has crossed its Follow-on Public Offer (FPO) price of ₹11 per share, a level it had been struggling to reclaim since September 2024.

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India’s Largest FPO and Its Aftermath Quarterly Results Indicate Gradual Improvement Technical Charts Reflect Strong Bullish Momentum

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The stock has surged 15% in just four sessions, driven by rising hopes of relief on its AGR dues.

The sharp rise has also pushed Vodafone Idea’s stock close to its highest levels in recent months. From its August 2024 low of ₹6.12, the stock has nearly doubled, signalling strong investor confidence as crucial clarity emerges around its long-standing regulatory challenges.

India’s Largest FPO and Its Aftermath

In April 2024, Vodafone Idea raised ₹18,000 crore through a Follow-on Public Offer, the largest FPO in India’s history. The offer was priced at ₹11 per share. Following the FPO, the stock rallied to a 2024 high of ₹19.18, reflecting strong post-issue momentum. However, the gains were short-lived as the stock saw a steep correction due to concerns around the company’s debt and regulatory obligations.

Sentiment around the stock began improving after the Supreme Court clarified that any potential relief to the company would apply to its overall AGR dues and not merely the additional demand. This clarification offered major comfort to investors who were awaiting legal certainty around the company’s historical liabilities.

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The Supreme Court’s clarification on AGR dues has been a major trigger for the stock’s renewed strength.

This development has created expectations that Vodafone Idea may eventually receive meaningful relief, improving its financial sustainability and long-term prospects.

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Quarterly Results Indicate Gradual Improvement

Adding to the positivity, Vodafone Idea recently announced its September quarter results, showing gradual improvement in performance. The telecom company reported that its net loss had narrowed to the lowest level in 19 quarters, demonstrating early but encouraging signs of operational recovery.

Furthermore, the company’s Average Revenue Per User (ARPU)—one of the key metrics for telecom operators—improved to ₹167, compared to ₹165 in the previous quarter. This suggests that Vodafone Idea is steadily benefiting from tariff revisions and better-quality subscribers joining its network.

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ARPU improvement and a narrower net loss reflect slow but steady progress in the company’s fundamentals.

Technical Charts Reflect Strong Bullish Momentum

From a technical perspective, Vodafone Idea is showing robust strength. The stock continues to trade above all key moving averages, which is generally considered a positive signal by traders and analysts.

However, one indicator is flashing caution. The stock’s Relative Strength Index (RSI) has reached 70, which signals that it is approaching overbought territory. A reading above 70 typically indicates that a stock may be overbought and could face short-term profit-taking.

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With RSI at 70, the stock is close to entering overbought territory.

Despite this, the overall momentum remains positive.

Strong Gains in 2025

As of now, Vodafone Idea shares are trading 4.2% higher at ₹10.9. The stock has already gained 38% in 2025, after having doubled in value during 2023. The recent rally reflects renewed optimism around the company’s future, fuelled by regulatory clarity, improving quarterly numbers, and sustained investor interest.

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