The last trading day of the week started on Friday with the Indian stock market rising. In the early trade, the Sensex rose more than 170 points to 40,500, while the Nifty rose by nearly 50 points to 11,920. During this period, 26 of the 30-share BSE index was on the green mark, while 4 stocks recorded a fall.
Let us tell you that on Thursday, the Sensex gained 170.42 points to 40,286.48 and the Nifty gained 30.00 points to close at 11,870.45. During the day's trade, the Sensex touched an upper level of 40,348.61 and a low of 40,026.99. At the same time during the day, the Nifty touched an upper level of 11,895.65 and a lower level of 11,802.65.
Reason of Rise
The market had improved in the last session itself, with the prospects of the Reserve Bank of India cutting interest rates again in the upcoming monetary review meeting. Meanwhile, the Asia market has gained momentum after White House economic adviser Larry Kudlow described trade talks between the US and China in a positive direction.
Vodafone-Idea in worst phase
During the trading on Friday, Vodafone-Idea's share price fell historically and fell below Rs 3. Actually, the results of the second quarter of Vodafone-Idea have been released. In these results, Vodafone-Idea has suffered the biggest loss.
According to the data, Vodafone-Idea has suffered a loss of Rs 50,921 crore. It is believed to be the biggest loss in corporate history. Earlier, Tata Motors had shown a quarterly loss of Rs 26,961 crore in the October-December 2018 quarter. This was the largest quarterly loss of any Indian company till that time. Apart from Vodafone, Bharti Airtel has incurred a loss of Rs 23,045 crore. However, Airtel shares are seeing a rise of close to 2 per cent.
Actually, adjusted gross revenue (AGR) is believed to be the biggest reason for loss to telecom companies. Last month, the Supreme Court accepted the government's definition of AGR as correct. Under this, companies' income from business other than telecom services has also been considered as a share of their adjusted gross income.
After the court's decision on AGR, Vodafone-Idea, Airtel and other telecom companies owe the government a total of Rs 1.4 lakh crore. Due to this there is an atmosphere of panic in the entire telecom industry. Since Reliance Jio entered the market, the telecom companies are facing financial crisis and the debt arrears of billions of dollars on them is not less than any shock.
