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Informist, Friday, Sept. 26, 2025

MUMBAI – Telecommunication stocks are likely to move in a narrow range next week tracking the overall market as the sector awaits a fresh trigger, analysts said. The major focus in the industry will be on the Supreme Court's hearing on Vodafone Idea's plea against the additional adjusted gross revenue demand by the government.

The court yet again deferred the hearing till Oct. 6 after Solicitor General of India Tushar Mehta, appearing for the government, asked for more time. The government had last week told the apex court that some solution may be required on Vodafone Idea's petition. The stock ended nearly 8% lower at INR 8.02 Friday after the court's defferal. 

On Monday, global brokerage Citi had called the company's shares a 'high-risk buy', with a price target of INR 10. The apex court has admitted Vodafone Idea's latest plea on additional adjusted gross revenue and with the government also expressing its support, the chances of a potential relief for the company have increased, CNBC-TV18 cited the brokerage as saying.

The Supreme Court can also grant some indulgence in Vodafone Idea's plea in the adjusted gross revenue case, the government had said. The facts and circumstances have changed from the earlier Vodafone Idea's petitions in the adjusted gross revenue case, the government had added. Vodafone Idea has argued that the additional demand was against the top court's orders passed in the adjusted gross revenue case. 

According to the petition, the Supreme Court had delivered a detailed verdict in 2020 and crystallised all the liabilities in respect of adjusted gross revenue on Vodafone Idea for the period till FY17. Despite this, the telecom department has been raising additional demand for that period stating that the dues claimed were above and beyond the adjusted gross revenue dues as finalised by the Supreme Court in 2020, Vodafone Idea said. The additional demand is for INR 94.50 billion. 

Vodafone Idea is expected to move in a range of INR 7-INR 9 next week, a derivatives analyst at a domestic brokerage said. Bharti Airtel, which declined over 2% this week after three straight weeks of gains, is likely to move in a range of INR 1,850-INR 2,000 next week, the analyst said. Friday, the stock closed 1% lower at INR 1,916.60. 

The telecom sector will also be in focus after the Department of Telecommunications said that spectrum sharing for satellite communications will require a stricter regulatory framework, given the possibility of interference as multiple players enter the market. While no incumbent operator exists today, officials said the rules cannot be framed only for current conditions, the Financial Express reported Friday. 

TOP HEADLINES

* SC defers Vodafone Idea plea against govt's additional AGR demand to Oct 6
* RailTel Corp bags INR 9.70-bln order to build labs in Bihar govt schools
* IPO Alert: Pace Digitek raises INR 2.45 bln from anchor investors
* IPO Alert: Pace Digitek sets price band at INR 208-INR 219 per share

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

Reported by Akash Mandal

Edited by Akul Nishant Akhoury

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