Vodafone Idea Stocks rally higher as reports of Google eyeing its stock come in

In Friday’s trading session, Vodafone Idea’s shares rose up 25 percent. At 12.14 pm IST, the shares rallied at Rs. 7.4 on the BSE. Moreover, the shares rallied faster after the reports of Google buying stakes up to 5 percent in the company came in.

The company which is jointly owned by Vodafone UK and Aditya Birla Group, trades in the futures & option (F&O) sector.

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As reported in the Financial Times, Google was looking to make an investment in the Indian telecom company. In addition, currently, any investment could bring some relief for Vodafone Idea owing to an increase in its financial stress.

The stock of the telecom services provider was trading at its highest level since March 16, 2020. Moreover, the stock price has more-than-doubled from Rs 3.04 against a 13.4 percent rise in the S&P BSE Sensex.

Earlier, Facebook announced its investment in the Reliance subsidiary, Jio, by procuring a 9.99 percent stake. At 12.33 pm IST, Sensex was trading at 32,040.5, a 160 point low. Whereas, Nifty faced a low by 20 points or 0.21 percent at 9,470.