Vodafone Idea shares rise 3% as brokerage sees 45% upside

$IDEA shares rose as much as 6.2% to an intraday high of Rs 13.69 on Wednesday before settling at Rs 13.32, up 3.34%, after its Q1 results. Ambit Institutional Equities has set a target price of Rs 18.70, implying about 45% upside from the previous close of Rs 12.90. The brokerage noted that Vodafone Idea added 0.3 million subscribers—its first sequential gain since the merger—while ex-M2M ARPU rose 2.6% QoQ, lifting core telecom revenue 1.8%. Ambit expects a 15% tariff hike by December 2026 and remains a buyer, citing improving fundamentals and potential government support. Meanwhile, Bharti Airtel has discontinued four prepaid plans (Rs 299, 579, 619 and 649) across India. The popular Rs 299 pack has been replaced by a Rs 349 plan, a 16% increase, as part of efforts to repair tariffs and boost ARPU.