Vodafone Idea up 35%

Not surprisingly, Vodafone Idea is the top gainer on the BSE since morning. The stock rose 35% to hit the current intraday high at Rs.7.85. Its UC is at 40% and today stands at Rs.8.14.

A report appeared in Financial Times yesterday that Google is looking at picking up a 5% stake in the company. The report said that the talks were at an early stage. There is no official word from the company.

The stock exchange has sought a clarification from the company on this news and the company is yet to reply.

Google has been scouting around for a long time to get a leg into the Indian telecom sector and Vodafone Idea, given its financial duress, also needs any such help it can get. Also after Facebook picked up a 5% stake in Jio, pressure on Google would have mounted to make a move too.