Vodafone Idea's 5G Launch Boosts Shares Amid Telecom Race

Vodafone Idea's shares rose by 5% after launching its 5G services in India, starting with Mumbai. The company plans to expand this initiative to more cities as they compete with major players in the telecom sector. They intend to cover 100 cities over the next three years.

Shares of Vodafone Idea surged by 5% following the launch of its 5G services on Wednesday, beginning with Mumbai and soon extending to five additional cities. The move aims to curb subscriber losses and enhance its competitive stance in India's vast telecom landscape.

Trading activity saw the stock close at Rs 7.45 on the BSE, with a day high of Rs 7.72, while on the NSE, it concluded at Rs 7.46. Vodafone Idea's market valuation increased by Rs 2,498.76 crore to Rs 53,187.81 crore.

Vodafone Idea announced plans to extend its 5G coverage to 100 cities within 17 circles over the next three years. In an effort to strengthen its position against giants like Reliance Jio and Bharti Airtel, which boast significant 5G subscriber bases, the company offers 5G as an add-on for current plans starting from Rs 299.

(With inputs from agencies.)