IDEA

** Shares of Indian telecom operator Vodafone Idea VODA.NS down 2.9% to 11.52 rupees

** J.P. Morgan downgrades stock to "underweight" from "neutral"; PT at 9 rupees - implying 24% downside to last close

** Co has "multiple hurdles to cross before the business stabilizes", brokerage says

** Says stock's outperformance is overdone as firm still awaits bank funding to drive the next leg of the capex cycle

** J.P. Morgan notes co's target of a 3x increase in cash EBITDA over 3 years "looks aggressive"

** VODA on avg rated "hold" by 19 analysts; median PT is 10 rupees - LSEG data

** YTD, VODA up 7% after gaining 35.5% in 2025

** Peers Bharti Airtel BRTI.NS down 4.3%, while Indus Tower INUS.NS up 13.3% so far this year

(Reporting by Brijesh Patel in Bengaluru)

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** Shares of Indian telecom operator Vodafone Idea VODA.NS rise 1.42% to 9.97 rupees

** Co reports narrower Q3 loss at 52.86 billion rupees ($576.89 million) from 66.09 bln rupees last year; revenue rose 1.86% y/y to 113.23 bln rupees

** VODA on avg rated "hold" by 19 analysts; median PT is 10 rupees - LSEG data

** Stock down 7.4% so far in January

($1 = 91.6300 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

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Jan 27 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - DEPARTMENT OF TELECOM CONFIRMED AGR DUES FROZEN AS ON DEC 31 AMOUNT TO 876.95 BILLION RUPEES

• VODAFONE IDEA LTD - AGR DUES AMOUNT SUBJECT TO REASSESSMENT IN TERMS OF LETTER DATED JAN 7, 2026

• VODAFONE IDEA - Q3 CONSOL RESULTS INCLUDE ONE-TIME CHARGE OF 10.78 BILLION RUPEES INCLUDING 1.59 BILLION RUPEES ON LABOUR CODE

Source text: ID:nBSE2MHr0s

Further company coverage: VODA.NS

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By Aditya Kalra and Munsif Vengattil

NEW DELHI, Jan 15 (Reuters) - Billionaire Mukesh Ambani's telecom company is among those urging the government to act over what they describe as monopolistic practices at Gautam Adani's new Mumbai airport, saying the facility is blocking operators from providing mobile connectivity, according to a letter seen by Reuters.

Adani-run Navi Mumbai International Airport denied the allegations, but the dispute highlights the growing rivalry between India's two richest men, whose conglomerates increasingly compete across sectors from green energy to data centres.

The airport, located on Mumbai’s outskirts, began operations in December after being inaugurated by Prime Minister Narendra Modi. It is the latest addition to Adani’s portfolio of eight airports, with plans for more.

Within days of opening, passengers complained on social media about poor or non-existent mobile coverage and raised privacy concerns after spotting billboards offering free airport Wi-Fi.

TELECOM OPERATORS DEMAND ACCESS TO AIRPORT INFRASTRUCTURE

A January 13 letter from Cellular Operators Association of India to India's government states Adani's airport must grant access to install equipment as required by Indian regulations for public entities, which includes airports, and that a denial has created a "monopolistic bottleneck".

In its statement, Navi Mumbai International Airport said it had deployed “state-of-the-art solutions” and that operators could partner with an entity managing the airport’s in-building network infrastructure.

COAI, which represents Ambani's Reliance Jio, Bharti Airtel BRTI.NS and Vodafone Idea VODA.NS, said it had no comment beyond the letter, which is not public.

The companies and the Telecom Regulatory Authority of India, did not respond to Reuters queries.

PASSENGER DISTRESS: 'WE CAN'T CALL PEOPLE'

Jio leads India's telecom market with over 500 million subscribers, followed by Airtel at 314 million and Vodafone at nearly 128 million.

Online, passengers have voiced frustration that the airport’s Wi-Fi cannot be accessed without mobile coverage because login requires a one-time password sent via WhatsApp.

"You'll be thankful to see free Wi-Fi banners, thinking you can at least book cabs now. You go to the Wi-Fi network and try to log in, but it requires an OTP (one time password)," X user adarsxh_baab wrote on Jan. 13.

Adani's statement added that when network coverage is left to individual operators, they often provide "sub-optimal coverage" in sensitive areas such as baggage handling zones.

COAI also said the airport is demanding around $102,000 per operator each month - nearly $5 million annually for four carriers - to use its centralised network, an allegation Adani denied.

"We can't call people, pay for cabs or even book anything. If you're a solo traveller it's hell," X user Srihita Vanguri wrote on the platform on Sunday.

(Reporting by Aditya Kalra and Munsif Vengattil, Editing by Louise Heavens)

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** Telecom infra provider Indus Towers INUS.NS rises 2.6% to 439.30 rupees

** India govt's telecom due relief for Vodafone Idea VODA.NS will make way for its fundraising and network capex boosting, which will be a "big positive" for Indus Towers INUS.NS, CLSA says in note titled 'Winner of VIdea's revival'

** Brokerage says VODA's fundraising should add upside to INUS's growth of 10-11% CAGR in core revenue

** Adds, INUS's balance sheet is net cash and dividend restatement is likely

** Maintains "high conviction outperform" rating at PT 565 rupees for INUS

** Stock rated "buy" on avg by 21 analysts; median PT 462.50 rupees - data compiled by LSEG

** Stock gained about 22.5% in 2025

(Reporting by Aleef Jahan in Bengaluru)

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** India's Vodafone Idea shares VODA.NS up 4.1% to 12 rupees

** Telecom operator unveils timeline for dues repayment, caps annual payouts

** VODA, on an avg, rated "hold" with median TP 9.6 rupees - data compiled by LSEG

** Stock jumped ~36% in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

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Jan 6 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - ORDER CONFIRMS TAX PENALTY OF 87.8 MILLION RUPEES WITH INTEREST

Source text: ID:nNSE8P9H9q

Further company coverage: VODA.NS

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Jan 1 (Reuters) - Indian telecom operator Vodafone Idea VODA.NS said on Thursday it had received an order levying a penalty of 6.38 billion rupees (nearly $71 million), for alleged "short payment" of taxes.

The order, issued by a goods and services tax authority, comes a day after the Indian government granted the debt-saddled firm a partial moratorium on adjusted gross revenue (AGR) dues, disappointing investors who had hoped for a waiver.

Vodafone Idea, jointly owned by India's Aditya Birla Group and Vodafone Group VOD.L, said it does not agree with the penalty order and would take legal action against the same.

Shares of the country's no. 3 telecom player closed 7.8% higher on Thursday after having dropped about 11% on Wednesday, when the government's five-year moratorium was announced, freezing payments of $9.76 billion.

Analysts at Emkay said in a note on Friday that a moratorium would not be sufficient to solve Vodafone Idea's liquidity issues.

($1 = 89.9625 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru
Editing by Nick Zieminski)

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Dec 31 (Reuters) -

• INDIA CABINET APPROVES ADJUSTED GROSS REVENUE RELIEF FOR VODAFONE IDEA, GRANTS MORATORIUM- GOVERNMENT SOURCE

Further company coverage: VODA.NS

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Nov 10 (Reuters) - India's Vodafone Idea VODA.NS posted a smaller-than-expected second-quarter loss on Monday, aided by more users upgrading to its higher-margin 4G and 5G plans.

The debt-saddled telecom operator's consolidated loss after tax narrowed to 55.24 billion rupees ($628.5 million) in the quarter ended September 30, from a loss of 71.76 billion rupees last year.

Analysts, on average, had expected a loss of 66.22 billion rupees, according to data compiled by LSEG.

($1 = 87.8950 Indian rupees)

(Reporting by Aleef Jahan and Anuran Sadhu in Bengaluru)

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** India's Vodafone Idea VODA.NS tumbles 12.3% to 8.21 rupees, set for third straight session of losses

** Top loser among Nifty 500 .NIFTY500 stocks

** Drops on uncertainty over government relief on adjusted gross revenue dues

** Beleaguered telecom operator's stock hit one-year high of 10.57 rupees on Monday on hopes of a relief after apex court permitted government to reconsider the matter

** "The Supreme Court order applies only to the incremental AGR demand. It depends on the government now. Unless there is a substantial relief, it is not going to make a major difference for Vodafone Idea's stock," says Piyush Pandey, lead analyst tracking the telecom operator at Centrum India

** Analysts on avg rate stock "hold"; median PT at 6.25 rupees, per data from LSEG

** YTD, VODA up 3.4%

(Reporting by Vivek Kumar M)

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Oct 6 (Reuters) -

• INDIA WEIGHS RESOLUTION OF VODAFONE DUES ROW TO BOLSTER UK TIES - BLOOMBERG NEWS

Source text: https://tinyurl.com/3ndtd6me

Further company coverage: VOD.L

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Oct 3 (Reuters) - Indian wireless carrier Vodafone Idea VODA.NS said on Friday it has appointed Tejas Mehta as its chief financial officer, effective October 6.

Mehta, who was previously the finance chief at Mondelez India, replaces Murthy Gvas who ends his tenure on October 5.

In August, insider Abhijit Kishore replaced CEO Akshaya Moondra as his term ended.

(Reporting by Urvi Dugar; Editing by Krishna Chandra Eluri)

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** Shares of Vodafone Idea VODA.NS down 6% to 8.2 rupees

** India's top court defers hearing VODA's plea over additional telecom dues to Oct 6, Moneycontrol says

** The telecom operator seeks to quash fresh demand of telecom dues worth 94.5 billion rupees ($1.1 billion) from government

** Hearing deferred following government seeking more time to respond to VODA's plea

** Stock set to fall most in a session in a month

** VODA on track to snap three straight weeks of gains

** Avg rating of 19 analysts is "hold" and median PT is 7 rupees - data compiled by LSEG

** YTD, VODA up ~9%

($1 = 88.6900 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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Sept 19 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - CHALLENGED ADDITIONAL AGR DEMANDS RAISED BY DEPARTMENT OF TELECOMMUNICATIONS

• VODAFONE IDEA LTD - SUPREME COURT HEARING ON AGR MATTER SET FOR SEPT 26

Source text: ID:nBSEbF3LD7

Further company coverage: VODA.NS

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Sept 18 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - PARTNERED WITH VODAFONE IDEA TO TRANSFORM THEIR BUSINESS SUPPORT SYSTEM

• TATA CONSULTANCY SERVICES LTD - FIVE-YEAR ENGAGEMENT TO HELP VI UNLOCK NEW CAPABILITIES

Source text: ID:nnAZN4JFW6G

Further company coverage: TCS.NS

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** Vodafone Idea VODA.NS slips 9.5% to 6.68 rupees; top loser on Nifty midcap index

** Government not considering additional relief for co on pending Adjusted Gross Revenue (AGR) dues, PTI reports citing Minister of State for Communications Chandra Sekhar Pemmasani

** Government converted co's outstanding spectrum auction dues into equity in April

** Co, government didn't immediately respond to Reuters' request for comment

** Vodafone Idea has 840 bln rupees ($9.6 bln) in pending dues

** Stock gained ~15% in last two sessions on reports of government cutting regulatory dues for telco

** VODA rated "hold" on avg; median PT at 7 rupees, per data compiled by LSEG

** YTD, stock falls ~16%

($1 = 87.5060 Indian rupees)

(Reporting by Komal Salecha)

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** Shares of Vodafone Idea VODA.NS rise as much as 9.5% to 7.17 rupees, set for biggest one-day jump since April 21

** NDTV Profit reports citing sources that government may slash telecom dues for co, Bharti Airtel BRTI.NS

** BRTI is up 0.25%

** If approved, VODA's dues will be reduced to 280 billion rupees ($3.2 billion) from 834 billion rupees, while BRTI's dues will fall to 100 billion rupees from 420 billion rupees, the report said

** VODA, BRTI and the India government did not immediately respond to a Reuters' request for comment

** VODA shares are down 10.5% in 2025, while BRTI has gained 22%

($1 = 87.5000 Indian rupees)

(Reporting by Nishit Navin in Bengaluru)

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** Vodafone Idea VODA.NS gains 4.7% to 6.44 rupees; marks biggest intraday pct gain in more than a month

** Co posts smaller-than-expected Q1 loss as telecom operator continues to benefit from last year's price hikes

** Appoints insider Abhijit Kishore as CEO effective August 19

** Stock rated "hold" on avg; median PT is 7 rupees, per data compiled by LSEG

** YTD, VODA falls 18.9% vs Bharti Airtel's BRTI.NS 18.7% gains

(Reporting by Aleef Jahan in Bengaluru)

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June 20 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA - PROMOTERS WILL CONTINUE TO HAVE OPERATIONAL CONTROL

• VODAFONE IDEA - SIGNIFICANT HEADROOM IN ARPU SINCE IT HAS NOT INCREASED IN LINE WITH USAGE

• VODAFONE IDEA - SUFFICIENT SPECTRUM AVALIABLE TO SUPPORT 4G SUBSCRIBER MIGRATION TO 5G

• VODAFONE IDEA - HIGH SPECTRUM PER MILLION SUBS EXPECTED TO DRIVE NEAR TERM GROWTH

Source text: ID:nBSEbLRkS7

Further company coverage: VODA.NS

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Updates

** India's Vodafone Idea VODA.NS drops 8.2% to 6.80 rupees; on course to snap three-session gaining streak

** India's Supreme Court dismisses VODA's plea seeking court's help for government rejecting to waive its telecom dues

** VODA dropped 5% in early trade after it asked Supreme Court to intervene "in public interest" after government rejected request to waive over $5 bln dues

** CEO Akshaya Moondra says, "no support will lead to a point of no return" and Vodafone "will not be able to operate beyond FY26"

** Analysts on average rate VODA "hold"; median PT 7.85 rupees, as per LSEG data

** YTD, stock down ~14% vs ~15% gain in rival Bharti Airtel BRTI.NS

(Reporting by Kashish Tandon and Vivek Kumar M)

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May 2 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - AMENDS SHAREHOLDERS' AGREEMENT QUALIFYING THRESHOLD TO 10%

• VODAFONE IDEA - STAKE OF ADITYA BIRLA GROUP, VODAFONE GROUP STANDS AT 9.50%, 16.07% RESPECTIVELY

Source text: ID:nBSE9cq13y

Further company coverage: VODA.NS

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April 8 (Reuters) - Vodafone Idea Ltd VODA.NS:

• ALLOTS 36.95 BILLION SHARES TO GOVERNMENT OF INDIA

• GOVERNMENT OF INDIA SHAREHOLDING IN VODAFONE IDEA AT 48.99%

Source text: ID:nBSE7lLKVh

Further company coverage: VODA.NS

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** Indian telecom firm Vodafone Idea's shares VODA.NS surged 10% to 7.48 rupees in early trade

** Indian government to raise stake in the company to about 48.99% from 22.6% by converting 369.5 billion rupees ($4.32 billion) in outstanding spectrum auction dues into equity

** Government asks VODA to issue shares at 10 rupees apiece - a 47% premium on the last closing price

** Stock rated "Hold" on avg vs "Buy" rating on larger rivals Bharti Airtel BRTI.NS - data compiled by LSEG

** Year-to-date, VODA down ~6%, BRTI up ~9%

($1 = 85.4830 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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March 30 (Reuters) - The Indian government will increase its stake in Vodafone Idea VODA.NS to approximately 48.99% by converting 369.5 billion rupees ($4.3 billion) in outstanding spectrum auction dues into equity, a regulatory filing from the company showed on Sunday.

The Ministry of Communications has directed Vodafone Idea to issue 36.95 billion shares at 10 rupees each, the filing said, boosting the government's stake from 22.6%. The government is already the largest shareholder in the telecom company, according to LSEG data.

Vodafone Idea - formed by a merger between the Indian arm of the UK's Vodafone Group VOD.L and Aditya Birla Group's Idea Cellular in 2018 - said its initial investors will continue to have operational control despite the increased government stake.

The move aligns with the government's September 2021 relief package announced for the telecom sector.

In December, the company announced a plan to raise up to 19.80 billion rupees through the issue of preferential shares.

As of September 2024, the debt-saddled firm's total debt pile stood at 2.16 trillion rupees, including deferred spectrum payment obligations it owes to the government.

The company in February reported a smaller-than-expected third-quarter loss.

($1 = 85.5340 Indian rupees)

(Reporting by Pretish M J and Nilutpal Timsina in Bengaluru; Editing by David Holmes)

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Adds context, details from paragraph 2 onwards

March 26 (Reuters) - India's Bharti Airtel BRTI.NS and its unit Bharti Hexacom BHAX.NS have prepaid 59.85 billion rupees ($698.33 million) to the government, fully clearing "high-cost" liabilities from the 2024 spectrum auctions, the telecom company said on Wednesday.

Airtel, the country's no.2 telecom firm by user base, has been prepaying high-cost spectrum dues that it and other Indian telecom operators owe the government, following years of high-stakes auctions and aggressive bidding for airwaves.

The latest payment has trimmed Airtel's debt pile related to spectrum to 520 billion rupees, bringing down the cost of debt to 7.22%, the company said.

Airtel's early payments now total 666.65 billion rupees ($7.78 billion), it said, adding that it has settled liabilities with interest rates of 10%, 9.75%, and 9.3% about seven years before their average maturity dates.

The latest payment was made for liabilities that carried an interest rate of 8.65%, Airtel said, without specifying when the debt was previously due.

Peer Vodafone Idea VODA.NS owes about 1.42 trillion rupees in spectrum dues as of September 2024.

Another Airtel subsidiary, Network i2i, also redeemed $1 billion in perpetual debt securities - a debt instrument with no fixed maturity date - reducing the company’s outstanding perpetual notes to $479 million, the telecom company said.

Airtel's shares closed 0.5% higher on Wednesday after the announcement.

($1 = 85.7050 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)

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March 25 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA - SIGNS MOU WITH WEST BENGAL GOVERNMENT. TO OFFER DIGITAL ADVISORY TO MSMES

Further company coverage: VODA.NS

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Adds details and background from paragraph 2 onwards

March 19 (Reuters) - Vodafone Idea VODA.NS is in exploratory talks with various satellite communication providers, including Starlink, the company said on Wednesday, a week after the Indian telecom firm's rivals signed deals with Elon Musk's company.

The mobile operator made the disclosure after Indian stock exchanges sought a clarification on its stock move and a report by local financial news website Moneycontrol earlier in the day.

Shares of Vodafone Idea rose nearly 5% on Wednesday.

"Our strategy is to provide services -- whether fixed or mobile -- in uncovered areas, where satellite makes perfect sense," Vodafone Idea Chief Technology Officer Jagbir Singh told Moneycontrol, as per the report.

"The other (strategy) is to provide fixed wireless broadband in rural areas and smaller towns, where it is expensive to roll out such services."

Last week, Musk's SpaceX signed deals with Bharti Airtel BRTI.NS and Reliance Jio to bring Starlink's internet services to India.

As part of the deals, the Indian operators will stock Starlink's equipment in their retail stores, giving the US-based satellite communication firm a direct distribution point in thousands of such outlets across the country.

The deals will be conditional on Starlink obtaining government approval to begin operations in the country.

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza and Leroy Leo)

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March 7 (Reuters) - Vodafone Idea Ltd VODA.NS:

• VODAFONE IDEA LTD - ORDER PASSED FOR PENALTY OF 107.9 MILLION RUPEES

• VODAFONE IDEA LTD - TO FILE APPEALS AGAINST PENALTY ORDER

Source text: ID:nBSEb7xZHy

Further company coverage: VODA.NS

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