Global brokerage firm Citi has assigned a ‘Buy’ rating on Vodafone Idea Ltd., the debt-ridden telecom services provider, with a price target of ₹13 per share. This target for the stock implies a potential upside of 68% from Monday’s closing levels.
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In a clear signal of its continued supportive stance towards the telecom sector, the government has finally approved a waiver for requirement of bank guarantees for spectrum acquired in previous auctions.
According to Citi, this is a major relief for Vodafone Idea, which was unable to furnish the required bank guarantees. This inability had been a major hurdle in the company’s efforts to secure debt funding from banks.
Citi also noted that the development has…
