Stock up 40%! Vodafone Idea counter sees strong spike in delivery

Days after being battered by the Supreme Court’s refusal to give any relief to telcos on their AGR dues, Vodafone Idea stock witnessed bullish activity on Wednesday. This drove the price up by almost 40 per cent at close to Rs 4.2 a share, the highest intraday surge since the stock listed.The number of shares traded at 101.5 crore were a little more than three times the average traded quantity of the past three months and the deliverable quantity at 24.57 crore shares was also more than three times the average delivered quantity over three months.On the derivatives counter, the open interest (OI) of the February futures contract rose by almost 8 per cent as its price jumped 40 per cent, indicating creation of fresh bullish bets. On the near month options’ counter, the OI put-call ratio (PCR) jumped to 0.55 from 0.49 as call sellers covered their short call positions and put buyers liquidated their long put positions.“The market is building hopes of telcos getting some reprieve,” said Chandan Taparia, derivatives analyst at Motilal Oswal. “Whether that happens or not remains to be seen but for now there’s short covering and also some speculative bullish positions being created.”

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