Vodafone Idea Awards Rs 30,000 Crore Contract to Nokia, Ericsson, and Samsung

Vodafone Idea signed contracts totaling around Rs 30,000 crore with Nokia, Ericsson, and Samsung to supply 4G and 5G network equipment for three years. This deal marks the first phase of the company's USD 6.6 billion capex plan, aimed at expanding 4G coverage and launching 5G services.

Vodafone Idea considerably trimmed its early sharp gains, concluding nearly 4 percent higher on Monday after bestowing contracts worth Rs 30,000 crore to Nokia, Ericsson, and Samsung for the supply of 4G and 5G network equipment over three years.

The stock witnessed a surge of 11.73 percent hitting Rs 11.71 during BSE trading hours. However, it dipped later, settling at Rs 10.83, a rise of 3.34 percent, losing most of the initial gain.

On NSE, shares closed at Rs 10.86, up 3.72 percent, after peaking at 14 percent during intra-day trade. In total, 1,502.39 lakh shares were exchanged on BSE and 16,824.75 lakh on NSE during the day.

This contract represents the largest deal awarded by any Indian telecom operator this year and marks the commencement of Vodafone Idea's three-year capex plan worth USD 6.6 billion.

(With inputs from agencies.)