There was a buzz around Vodafone Idea stock since morning as the company was expected to make a huge announcement later in the day. The telecom operator’s share price had jumped nearly 6% due to this. The company eventually made its announcement at 11.45 a.m. through a live stream.
The event marked the completion of the Vodafone and Idea merger. The company is now rebranded as ‘Vi’. The new name of the company and logo were unveiled in today’s event. The name and logo of the company have already been updated on the company’s mobile application and website.
The CEO of Vodafone Idea believes that the rebranding of the company will redefine the lives of the company’s customers. The positioning of the company is now being built around the promise of focusing on meeting the needs of customers, which help them thrive.
The same will be implemented on all products, including posters, billboards and SIM cards. Due to the latest development, the share price of Vodafone Idea surged by 2.90% or Rs 0.25 to close the day at Rs 12.40. Vodafone and Idea merged together to form Vodafone Idea nearly two years ago. The telecom operator is reportedly trying to raise investments of more than Rs 30,000 crore from Verizon and Amazon.
About two months back, there were reports around Vodafone Idea trying to get investments from Google. This report had caused the company’s share price to spike over 30%. However, there has been no news around Google intending to buy stakes of Vodafone after that.
Vi will be hoping that rebranding of the company will help in redeeming itself as the telecom player is currently sailing on the troubled waters as the Supreme Court of India recently directed the company to pay its AGR dues amounting to a whopping Rs 50,339 crore over a period of 10 years.
For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in
Engineer by qualification, financial writer by choice. I am always open to learning new things.
